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Comment: Why not use an option to purchase?

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Why not use an option to purchase?

For example, you could structure it as a one year lease with an option to buy within one year. You will need to give consideration for the option. You could offer $1200 to hold the property for a year along with a rental agreement. The option could be a note that is $100 per month. If it's the only unit available in a popular community, you could sweeten the deal for a reluctant seller by agreeing to pay for indoor maintenance, pay the rent all up front, or something like that. If its full of empty units, structure it so the rent is $100 lower per month so the $1200 is a wash. When the year is done the option expires and you need to finish the deal or walk away. This could be an agreement to get a bank loan at fair market value determined by an appraiser that you both agree on or some formula for value. If anything, real estate is losing value to inflation so you could get a real good deal like this right now. If you don't like the place after a year, or if the property goes down in value, you just leave and don't risk losing anything. If the property goes up, you could even sell the option to a third party and take the profit.

Personally, I would rent until the next real estate crash which I think is inevitable in the very near future for the same reasons that caused the 2008/2009 crash.

Good luck.