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Pros: Minimal closing costs. No interest. No waiting. Ability to make an offer that's not dependent on financing.

Cons: If the house is a money pit it's 100% his problem. (Some people would rather take the credit hit allowing the foreclosure of a house with serious issues than pay for it with their own money.) Capital could be invested in other things and possibility make much more money than buying the house outright. Tax deduction is lost (and therefore other deductions might be lost since often it's the mortgage interest deduction that makes it worth it to itemize.)