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We may never know all the details of the transaction since the real estate agents and prior owners are playing mum. Good for them, they are under no compuncton to speak to anyone about legal private matters.
Here's what I think we do know.
~ Obama and Rezco got a package deal on a adjacent lots and a house.
~ Obama gets the lot with the house
~ Obama buys a strip of land from Rezco.
~ Rezco lot remains empty
The real estate transaction can be construed as a "favor" from Rezco, and Rezcos indictment showing his attempted influence on an Illinois governor certainly shows a predilication on his part to collect on his favors.
So:
Did Obama do something illegal. No.
Was Obama naive and stupid? Maybe.
Is there anything good that could come out of his Rezco relationship? No.
Is Lauer a pathetic shithead? Yes.