. – An individual who purchases an interest in property under an option contract, or any legal successor in interest to that individual."

If its definitely only zoned single family, then the 2nd unit has to be removed to be legal (and possibly for a buyer to get a mortgage).

Based upon agreement we can also take legal action against them (but that can be lengthy process).I hope this information will be helpful for not only to answer my question but if there are more people from India raising questions on BP, it will be useful).But looking at rate of interest on bank loan in India, it will be always difficult to buy a positive cash flow generating property (as I am buying property with help of bank loan), Because your EMI will be always higher then the monthly rent.

The developers attorney will likely take you to the cleaners if you let them draft everything.Hope it helps.No legal advice.

If they're not actively participating, there are lots of time-consuming and costly legal and accounting hoops you'll likely want/need to jump through to do this legally (pool money).If they are actively participating in the business, there is no reason to provide a return while you're evaluating the properties, as nobody has made an investment yet, and presumably they're doing as much work as you are when it comes to deal evaluation.

My question is basic to most real estate, but I don't know the answer.If they've got it listed with a realtor, can I walk in my friends' house, present my offer, produce a contract, and be legal in it?

Since this is your first time, it may be very wise to seek legal advice from an attorney and even let the attorney handle the entire process.

And, have to admit, I read about the issue from regulatory concerns, I didn't dream this up and sorry, can't remember where, but had to do with legal opinions on the applicability of funding appropriate ventures.

JimmyFind out where they have their money now and what it is performing with that guideline you should be able to go better.Paul

We had people in the congregation questioning the legality of the renovation (CHURCH DRAMA) I just called up the director of the local permits department, I met with him and he explained everything to me very clearly.