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Tam,
55K?....where in the world can you buy a house for 55k?.....I'll buy the house out right with cash Tam and rent it to you with a portion of the rent being applied to the purchase of the home. Lets say 5%-8% of the rent is applied to the down. Once you have accumulated 10% of the purchase of the home, it is yours to buy. I'll pay for the improvements. The determining price for the sale of the home will be determined by an appraiser. We definately need a contract. Let me know what you want to do. Either way, good luck to you.....
Just completed buying two homes in So Cal....dam the downpayments for them could have bought me 6 of your homes.....lol
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