Justin Pierce I only pay a $10 Option Consideration.

The IRS consideres a land contract as a transfer of ownership.

An ideal lease would require the tenant to pay as additional rent the property taxes (or at lease all increases over a base), as well the property insurance.An important consideration is the financial strength of the tenant.

If your market rents are correct, putting in $65K (with the repairs included in that number) is a very good deal.Biggest consideration here is that the building is nearly 90 years old, so you may have higher-than-average capital and maintenance costs.

If the loan program has a CLTV restriction and by putting the Seller's lien on post close you exceed that CLTV, the loan is defective and could trigger acceleration.

If you are just trying to help a friend and are not receiving any gain (money or other consideration) then I wouldn't worry about just trying to help them put it on the Internet to attract a buyer.

So you personally only being there on the weekends is what seems to trigger them wanting to treat the home as a second home instead of a primary.

If lending standards loosen prices could go up considerably.  

Even mortgage lenders give favorable considerations to those that may have a bankruptcy due to events beyond the applicant's control, like divorce or medical bills.In the eyes of any regulator type, saying they must pass a credit check is not giving any qualification level to be met.

Since this isn’t something I’m well versed in, I’m wondering if others see any problems with this plan or anything else that I need to take into consideration.