Posted by michaela-CA on July 08, 2007 at 09:15:09:
Maybe you can do an equity split lease/option or agreement for deed. Have them put down a low amount, have plans on how the rehab is to be done. You will approve the work in stages. They have to be able to do the work or hire others out of their pocket. Set up the time table for the time that each project needs to be completed.
They pay you monthly rent/mortgage. When the property is finshed it’s either being sold or refinanced, with each of you getting half the profit.