You could just cachout refi (6 months & 25% equity stays in) or delay finance (anytime after purchase and 30% equity stays in).If you're planning on staying for a while and like the area I would recommend to get a 2-4 plea and rent out the other half/units and self manage it.  

The problems already exist... so they would only be a new problem for the latest lender, not you.I would of course stay on top of this but I wouldn't let it ruin my refinance.

There are great parts of Westwood and great parts of Pricehill.... obviously for the uninitiated some streets and portions you’d want to stay away from.

You get the appreciation on your rental just like you would if you lived there, the one big draw back is that if you rent a home rather than an apartment the owner could end up selling at some point and disrupting your plans.

- what happens if after renovating, he wants to stay?

Plus I get to stay there about a month or so and it still looking great.Couple of thoughts with more to follow..1.

Being consistent with you apply your own methodology in filing your taxes probably needs to stay constant though.

I have bought buildings this way. as all the smart people above have stated, think carefully about how you are going to stay ahead of the bank (paying off the loan before the interest rates. kick in) I just funded a new business using a cash advance check.

Do I have to use a RMLO or can I have an attorney draw up the contract and then Close with a title company.

What is your advice to help us ensure this land stays in the family like he wants?