The seller lives out of state and is very motivated and offering owner financing told me: "I just want to sell, you can structure your offer totally in your favor, it's fine!"

Ours (Green Remodeling) was not expecting the city to go through it with such a fine tooth comb.

I actually did receive a recent water bill from the listing agent a few hours ago, and it was $130.

I garnished her wages and today received the final payment.  

So if you start a focused campaign right now you'll be fine. 

However it is one of the ways to make purchases quickly and setup with government agencies for buying liens and receiving payments.

Did you see the lady being hit with $65,000 in fines?

Both GSE's - Fannie and Freddie will require most recent 1040's with Schedule E to verify rental income received.

It really helps to receive feedback from others in the business.

First always seek legal counsel with an attorney:ask them the pros & cons of some of the following:1) Debt: secure a loan against the property you receive interest payments.2) Equity: record an option to buy the property (ex. you have the option to buy the property for $115k for a specified time period.3) Purchase a partial ownership interest, ex. tenant in common ownership of 50% of equity4) combo equity participation loan , you share in the upside equity.