Dear Ms. Lank: I am a college sophomore majoring in business administration in hopes to one day to own a real estate business and to become a real estate expert. What I should do/where I should start on my journey to become a real estate expert? -- C.

Answer: You can get a basic introduction to the field of real estate by taking the course of study the state requires for someone who wants to get a salesperson's license. Even though you may not want a license at this point, you'll come out with a good overview of the industry. For information on where courses are offered, contact your local association of Realtors.

Parents Backing Out

Dear Edith: My parents own a vacation home. Recently they have put it on the market to sell. They received an offer for a three-year lease to own. All four children have advised them not to do this. Can they legally back out of the deal? -- G.

Answer: It's not clear what you're talking about -- rent-to-own? lease-option? land contract?

In any event, if your parents simply "received an offer" and haven't accepted it in writing, they're not bound. If, on the other hand, they've already signed a contract of some sort, their lawyer can look it over and tell them whether they have an out or not.

Selling Inherited Property

Hi Edith: My parents recently passed away and the house was left to me. I want to sell the house. Who pays for the taxes when it is sold? -- E.H.

Answer: You probably won't owe any capital gains or income tax on the sale. When you inherit real estate you get a new cost basis, value at the time of death or soon thereafter, so you aren't likely to have any taxable profit.

Buy Now Or Later

Dear Edith: We are planning on retiring in three to five years to a waterfront location. Elderly friends who are sisters offered to sell us their house and they will be our tenants until we move. Then they will move into assisted living or senior apartment complex.

We own our home and have excellent credit, but worry about my husband losing his job in this economic crisis. They are willing to wait until we're ready to purchase, but I'm concerned that if something happens to them, their nieces and nephews could sell the house to the highest bidders. I'd like to at least get our names on the deed and wondered if this could be done by paying them half of the purchase price, with an agreement to pay the balance when we move down there. Do you have other recommendations? Via e-mail Continued...