If they think their present rent is low, they may conclude you will jack it up once researching rents for the area.

Buying during probate can be achieved if you understand your state's private laws and the process and especially which scenarios make court confirmation avoidable, thereby minimizing exposure to competitive threats.Post-distribution, which we think of as "inherited," means that you identify properties acquired by their present owner(s) who wish to sell fir one reason if another.Much of the types can be identified by the actual document used to transfer into their names (deed, order or affidavivit).

This presents a challenge.

It sounds like you are looking to buy something that is "in the path of progress" and appreciating visibly at the present time.

To be conservative in our analysis, we will use the acquisition price as the assessed value in the case where the present assessment is obviously low (due to repositioning).In some locations there may be limits w/r to how far the assessment can be increased in a single year, which may give a little short-term relief, but I would still perform your analysis with the assumption that assessment will catch purchase price / value of the property.Unfortunately, when things are reversed - the tax assessed value is {significantly} greater than the purchase price, the local assessor is not as anxious to lower the assessed value.

@Racheal StoykHave the "friend" complete an application an screen them the same as you would any other candidate.Even if the present tenant is capable of carrying all the obligations on her own, once the "friend" is on the lease s/he will be more difficult to get out of the property.Our policy requires all occupants of the age of majority to be on the lease and we do not sign anyone to a lease until we have screened them.

@Jenifer Levini, @Jim KennedyIt has been my experience in Canada, that you need to involve both your accountant and your attorney to achieve the ownership structure which meets your present and (can easily morph to meet your) future needs while mitigating your tax liability along the way.While your attorney will have the expertise for form your corporation(s), the accountant will hold the tax knowledge you require as an input.

Or, the buyer should bring their own contractor to get quotes on the repairs, then present that quote with their reponse, writing it up along the lines of "Seller shall have xyz company complete repairs in bid attached."

Most people with W2s would not qualify, and those who do qualify must present a very strong and detailed time log.

I know he does presentations at local real estate offices about taxes for Realtors.http://www.scotthmiller.com/real-estate-accounting...If it works out, let me know.