Conventional for mixed use financing will require:The property must be a one-unit dwelling that the borrower occupies as a principal residence.The borrower must be both the owner and the operator of the business.The property must be primarily residential in natureA gift can be provided by:• a relative, defined as the borrower’s spouse, child, or other dependent, or by any otherindividual who is related to the borrower by blood, marriage, adoption, or legal guardianship;or• a fiancé, fiancée, or domestic partner.The donor may not be, or have any affiliation with, the builder, the developer, the real estateagent, or any other interested party to the transaction.Gifts must be evidenced by a letter signed by the donor, called a gift letter.

@Michael Parker The key part is the prices I gave him where fair, i didn't try to steal anything.

The credit part is difficult due to only being issued a $1500 limit on my Visa card less than a year ago, and being unable to get a store credit yard, such as a home depot card, due to a low credit score.

The best part is that you don't have to "learn it better than anyone else"!

Only about 1/3 of the properties on the initial foreclosure list actually go to sale and of those only about 10% are sold to third parties like yourself.

Trying to get someone out on Turkey Day would have cost you 3-4x as much and so I think it was reasonable to wait. 5 day turn around time with a weekend, holiday, and third party involved, not bad at all sir....3) Agree with previous post, will probably be outside of the scope.4) Unless there was an acute event which caused the leak, i.e. earth quake, flood, external damage, etc., my guess would be no.

. - Get the property under contract (both parties sign the contract) Since I don't know what your exit strategy is, I can't help with the next steps...but that should get you started...

How would I break up my original 200k purchase into what part is considered towards land and what is considered part of the existing house which was not completed?

Not to the building as that's irrelevant, we need to look at the structure of the agreements, what benefits there are for each party and what the goal is. :)

Well written rental agreements protect both parties.