I worry that it may not be possible to reverse and correct Bush's mistakes.

If a suitable new property can be built cheaper than buying an existing property a business would take that route.

Tom,You are correct which is why I eluded to the fact that it would require a commercial loan.

It thats correct, its pure luck.

I heard an interest way of describing these situations that seems correct.

A real estate license can be a very good tool, as well as a very bad tool in the investment world.There are plenty of ways to do what you want to do, (flat marketing fees, tenant finder fees, ect), so just make sure that you set it up correctly.....

My folks didn't go the route of rentals...fix and flip was their strategy of choice.My youth was spent hammering and painting.

If I'm correct, as long as we make 12 mos payments on a lease-option, it is considered a refi, right?

Is there a legal and correct answer?

Robert, you are correct.