@Jerald Alford  LOI's are pretty standard on Apartments whether it's listed with a broker or not.

Is this standard legal CYA?

If so is there a set of standard terms to owner finance.

The standard eviction most eviction attorneys do does not involve judgments, it's just for possession.

@Leigh C having another person build my empire for me is un acceptable in my standards.

I've been putting out some feelers, and looking around, for both people who will sell via lease option, and who will buy, in my area.So far, I'm getting more people wanting to buy, then sell, and all of them are wanting standard rents of like $500/mo, which I'm just politely replying "Sorry, I have nothing in inventor, but if I get something, I'll notify you."

Built in 2002, it is a fully rented four plex (one unit is month-to-month so we would move in there).Current asking price: $495,000 (though originally listed at 474k, he upped the price after 16 days)Days on Zillow Market: Over 100Reason for Selling: To either purchase a SFH for himself and his GF or buy a commercial property, possibly storage unitsRents: 4,400 monthly (Owner said 2 units could be easily increased by $50 to $75 each)Expenses (annual)Property Taxes (assessed 2014): 7,754Insurance: 3,000 (guess)Maintenance & Repairs: 4,200 (guess)Utilities: 4,500 (average for last 18 months from water company, owner currently pays water/sewer/trash but there are separate water meters so we would look into passing this to the tenants as the leases expire)Advertising: $150 (only advertising is for new tenants when leases expire)Administrative/Misc Costs: $150Mortgage Insurance: $6,501 (from mortgage broker at 490k loan level)Snow Removal: $1,500 (as acountants, our busy season is during the winter and we don't have the time or patience to deal with this, there is a sidewalk + steps + driveway and back parking area to be plowed)Lawn Care: $150 (supplies fund, we will mow it ourself, first year expense of a lawnmower not included)Mortgage: 26,579 (FHA, 3.5% down, 3.75%)At 495kAnnual cash flow: $-1,684CoC: -9.72%NOI: 24,895Total ROI: 40.89%At 450k (keeping mortgage insurance at 490k loan level b/c I don't have other numbers)Annual cash flow: 762CoC: 4.84%NOI: 24,895Total ROI: 55.54%As it stands, my numbers are telling me this deal will not work, given the $100/mo/unit minimum standard most people are looking for here.This is the first deal that I have really looked at though as seriously buying, so I would love other people's opinions on my analysis.

Purchasing houses in OH is pretty standard, no state tax stamps mortgage fee from what I can remember.

Dude, that article is from 2012.and yes, this I do believe a post like this would count as a solicitation by biggerpocket.com standards so it really needs to be posted in the marketplace forum anyway

Hattie, I wasn't intending for my post to come off like the standard "I watched a flipping show & need easy money because I've got this".