Since the owner is leaving, I'd try to get title with a Sub-2 and then lease it as that will give you the authority to make repairs, improvements, contract labor, address assessments and any legal matter that arise like code violations.

My goal is to purchase homes at a good value and do some cosmetic improvement then rent the properties out.

We also have the option in our lease, but I have not had a chance to make this determination yet as I am in the first year of owning rentals.

Thanks BTW love the app thus far...looking forward to updates and improvements.

Improvements?

Here's something from Fannie's website:Gross building area, which is the total finished area (including any interior common areas, such as stairways and hallways) of the improvements based on exterior measurements, is the most common comparison for two-family to four-family properties.

Suzette Lowery,A friend of mine, has always told me, when you have a chance for quick $$$, take it, and then reinvest the money.I've asked him about the Tax problems, and his answer was, talk to an Accountant.Another thing to think about, what is the status of the Real Estate Market where you own the property?

LOL, what are the chances?

So, you can deduct 1/27.5 of the value of the improvement (not land) each year.

Im pretty sure he was just annoyed by the situation and jumped at the chance to just not deal with the tenant anymore.