You may have cause to sue Donald Trump or Warren Buffett knowing they are worth billions, but you'll never get anything because of the dynasty and land trusts and other legal vehicles used to protect those vehicles, of which they are merely the sometimes-beneficiary.

http://www.nolo.com/legal-encyclopedia/landlord-tax-deductions-environmental-cleanup-costs.html @Steven Hamilton II @Steve Babiak based on the article in the above link you guys seem to be right on about it being an improvement.

Most states have statute on the circumstances that allow "transient guests" to transition to legal "long-term tenants."

We are working with legal counsel on estate planning and the like but I thought I would reach out to the BP community.

Legal, local conventions, etc.

I'm not a lawyer and can't speak to the legalities surrounding that, but I would think it is another option if you trust the person you are partnering with and have some background agreements in writing...

You could accept or buy me out for $400,000.Be sure to involve an attorney as I am not one and the above is no legal advice.

However full disclosure to original seller would be required.Please understand that as the holder of an option you do not hold legal, and probably not even equitable title to the property.

Which means if you referred someone to a property and they did not pay you the fee they promised to pay you, you would have no legal recourse.http://www.biggerpockets.com/forums/51/topics/65558-selling-homes-without-a-license-is-a-3rd-degree-felonyHere is an article from BP letting us know that this is a felony in Florida.

1) offer2) acceptance3) considerationA legal & enforceable agreement to transfer ownership .