Never Say Goodbye

Turns out there's a private lender who often works with the real estate company on properties that aren't financeable. He buys the place outright and then I buy it back from him at an interest rate slightly higher than I'd get from a traditional loan, all through the bank of course. He has already started the process of buying the property from my dead predecessor's estate and I signed papers tonight to then re-buy it. After getting a lot of advice, I did a few things first:

1. Checked with the county assessors office for the actual value of the property.
2. Made sure the title to the property is clear.
3. Checked that the family selling their dead uncle's property is all in agreement on the sale
4. Had an addendum added to the contract that the seller is responsible for making sure all utilities are functional before I take over. (If the pipes burst when the water goes back on or the well is bad, I'd be SOL)
5. Got $500 knocked off the sale price. Made sure the $500 "earnest money" deposit on the deal is fully refundable if it doesn't work out.
6. Made sure the paperwork will be in place by midnight tomorrow to still receive the 10% tax credit (Thank you, Obama! I don't care what my brother, uncle, or dad say about you).

There's still the chance the deal may not go through and there's still the chance that I'm making a horrible mistake but let's look at the positives, shall we.

1. My monthly payment will be less than half the rent for my current tiny apt.
2. The tax refund means I'll be getting almost my entire down payment back.
3. I can legitimately claim Alaska as my permanent tax address on future travel assignments and there's no income tax here.
4. The property is unzoned so no building permits required.
5. Public access to a big float plane lake across the road with good fishing (I'm told).
6. The property is assessed at a value much higher than what I'll pay for it.

I may be making a crazy move, but at least I made a list! Next move, call my handyman uncle and get some rough figures on the "vision".