Your family member would have to agree to do a short sale, which may trigger it being counted as income by the IRS.You could just do a signature loan or promissory note that isn't recorded post closing.

I've discussed with other contractors and they say the job could be done in a couple weeks rather than 3 months and counting. believe me i wish we didn't have this rent thing over our heads so we could just discuss the current situation.

It is harder to verify all of the liabilities of an existing business when you buy the business.It does sound like you would be better off making the seller an employee.As far as the SBA 504 goes having partners can also help with the other requirements like 51% use of the bldg and the employee count.

As you know, the bottom line is what counts, Rich

So I am not just in this for a grant it but it would help so I like to make it count for what it's worth.

That is how things were turned over in my development.And you should get proxies from the owner-occupants too, since I find that most aren't interested in personally attending the election.You know there are 415 votes; you know the percentage needed to have the votes count ("quorum").

A list of potential buyers that can move/close quickly, and you can count on.

So don't count on Section 8 to pay you rent.

Also, if they only gave us a quote does that count as "work done on property"?

I just put a deal together to sell a foreign property I wasn't counting on and it should net a fair amount.