I don’t want to be broke forever and do not want to work my normal job forever.

So everything you’ve quoted it a little high to me but it might be normal for your market.

This is kind of a pie in the sky scenario, but yes in theory you can use FHA 203k to turn it into a fourplex.

If the Flip involves renovation then the coverage is normally Builders Risk and Liability or a Vacant Dwelling with renovation.

If a key is so old (cheap) that it breaks in the lock with normal use, that's considered wear and tear.

Is that normal?  

Contract for deeds are normal in MN.2.

It normally has to be docketed on the court calendar with either a 30 day advance or 45 day advance depending on local rules.

Paying a normal conventional mortgage along with giving them profit is significantly lowering your margins for you to make enough on cash flow especially after considering initial repairs and cap ex.

As things are occurring now, the bank is being paid, so they have no interest in property seizure or foreclosure, as it is a performing note, so the FIL currently has the opportunity to conduct control of it in the same way a normal person would, which should allow him to pass this via normal methods (living trust for example) to heirs, provided the payments on the note have no interruption.Am I off on any of that?