A Few Lease/op ??
1. Who gets the tax write off on the property--the owner since it is still deeded to her, or ME, who will be making sure the taxes and insurance and payments are made on the house?
2. The sellers want no money, but they also don't want to come out of pocket for anything, which I assume also means taxes and insurance. That is part of the payments made monthly in these cases (there are 2 houses being sold by the same family).
3. Do you have to give rent credit? I don't have a contract written up--I have the legrand module. I know he says to match additional payments to pay toward purchase price to increase monthly cash flow. I am reviewing materials, but I am not sure if payments applied to principal or down payment are "automatically" figured into the monthly payment. Do you refund money payed toward purchase price or down payment if they don't exercise their right to buy?
4. Is all this negotiable?
Lydia
1. The owner since they still hold the deed untill you excercise your right to purchase. Then you.
2. Generally you would arrange for the owner to pick up any expenses over $200 (within any single month) since technically you are leasing the property from them. Then you would arrange for whoever you put in the property to pick up any expenses under $200 (within any single month.) PITA is in the payments. A lot of times you have to "sell" the owner on this, but if they're motivated shouldn't be a problem.
3. I don't break down the payment to who I put in a home based on my agreement between me and the owner. I simply let the person know that x amount is going to the rent and x amount is going to the equity of their new home. It really goes in my pocket. The down payment should be listed in the contract between you and who you put in the home as "non-refundable." So, no.
4. everything except the tax benefits.