Fair warning: I'm not a real estate attorney and I can only speak specifically for Tennessee as I hold a real estate license there.The act of bringing buyers and sellers together with the intention of collecting a fee is "brokering" a transaction.

@Cody DeLong To be honest, I do not know how much the tile and tub costs specifically, but we spent $10k on the master bath all together.

He has a chapter specifically for real estate - this will get you to understand what options you have and why putting something in place is so important.2) Yes, once you set up an LLC or LP to hold the property, I would set up a business bank account and deposit all rent checks, plus pay out all expenses from that account.

Louis for 10 years, and I went to Wash U, so although I don't have specific advice for a realtor, if your son will be going to Wash U and if you would find it helpful to hear about the neighborhoods that are most popular with students (undergrads and grad students), I'd be very happy to chat more. 

Specifically in my area, this is extremely common.

Hi @Mayer M.It's difficult to give good advice without seeing the specifics.

Considerations are how much for the option to purchase/ (the right to purchase at a specific price in the future) Ideally for you the answer is zero.How long to exercise the option?

That being said, they are all going to be very specific to the type of property being purchased, financing used, rented, flipped, commercial, residential, etc. 

@Gregory StormRight I get that, but I’m saying even the ones big celebrities lived in don’t seem to sell for a premium.I should of been more specific

Or should I contact my personal bank, and let them know the specifics.