In that case a deed could be issued to you only when the terms of the land contract are paid off.

Although there are tons of risks and problems associated with them, many which are just general issues in real estate, don't be too fearful.

You are in violation of at least half a dozend rules plus there are moral and ethical issues.

Margins look good on this....Id say your main issue is the time investment.

How do you deal with those type of issues?

So, the basis would still be your adjusted basis, no step up to FMV.In general, the IRS doesn't respect "self-dealing", which is selling assets to yourself, a family member, or a company you control.These issues get complicated, which I love because I get to charge my time helping clients through these issues!  

@Link McGinnis - My plan is to fix it up gradually over the next couple years and rent out the entire place.

@William Hochstedler, is correct in that it is a issue of supply and demand.  

The reviews are great- I've linked it below.Niagara .8 gpfIf you haven't put in water-saving showerheads, that's an even easier way to save- the install tends to be quick.

I appreciate the links!