Julio's sister and nephew, Carlotta and Roberta, are coming for a visit and Julio has a problem, they are allergic to his pet goat, Chico. Thus, Julio asks Fred and Lamont if it would be okay for them to stay with them. Against the idea at first, Fred quickly softens to them and becomes involved with a problem that Roberto is dealing with at school.

Lamont has Julio, Rollo and another buddy over for a poker game and Fred has had it with their gambling. Meanwhile, an old friend of Fred's, Al Banks, a professional gambler, stops by for a visit and this gives Fred an idea on how to teach Lamont and his friends a lesson. However, the lesson goes awry and Al runs out with the cash.

Lamont has been in a daze around the house, singing songs and incredibly cheerful to everyone he talks to. Grady and Fred deduce that the boy must be in love. Fred learns that Lamont is on the verge of proposing marriage to one particular girl who works at a dress shop. So he goes down to meet her and is in for a shock, since the girl turns out to be a woman at least ten years older than Lamont.

Aunt Esther is fed up with her husband, Woodrow and has decided to end her marriage. She has become convinced that he's seeing other women behind her back and becomes even more convinced when Fred tries to hook him up with a swinger. Refusing to live in the same house with Woody, Esther moves in with Fred and Lamont.

Julio has moved out of his house and Fred and Lamont decide to buy it and turn it into a boarding house and call it The Sanford Arms. To get enough money for the project, Fred and Lamont go down to the bank to apply for a loan but soon find themselves hostages in a bank robbery attempt.

Lamont has been seeing Janet for quite awhile and Lamont thinks he's in love. But he doesn't know too much about her and hasn't wanted to push her into telling him. Thus, Fred decides to find out exactly what she's hiding and he goes undercover with Aunt Esther to dig up the dirt.

In another get rich quick scheme, Fred decides to go down to an escort service with a friend of his and try to apply as escorts. Flatly rejected, Fred decides to open his own escort service complete with false advertising which results in Fred having to escort three ladies in one night.

Lamont has gotten a part in a community play and has great news, George Foreman has agreed to appear in it as well. Dying to meet the boxer, Fred intrudes on the rehearsals and drives the director up the wall, which leads him to quit. This is when Fred steps in as director and makes some immediate changes.

Fred is being honored with the Watts Businessman-of-the-Year Award and he's all hyped up about accepting it. However, an unexpected turn of events lands Fred with a serious back problem and takes up means to try to get rid of it, including, acupuncture, meditation and a corset.

Fred and Lamont go on a camping trip in the wilderness but Fred quickly gets sick of the great outdoors and demands that they return home. However, they quickly realize that they are stranded when the truck refuses to start. This leads father and son to reminisce about times they have spent together. Fred and Lamont recall scenes from previous episodes including: My Kingdom for a Horse, Earthquake II and The Engagement Man Always Rings Twice

Three jewel thieves try and find a way to smuggle some expensive diamonds from Hawaii to L.A. That is where Fred and Lamont come in. Fred goes to Hawaii to attend a Junkmen of America convention. The crooks then plan to sneak the jewels on Fred so that he can take them to L.A. without knowing anything about it.

The diamond thieves continue their plot to have Fred smuggle the stolen diamonds into the United States. Freddy Wells sneaks into Fred's hotel room and plants the diamonds in his suitcase. Later, Lamont and Fred discover the diamonds and hesitate to call the police.

During a mishap at the airport Fred accidentally misplaces the suitcase with the diamonds and the crooks start chasing Lamont and him all over Hawaii, trying to get them back. Meanwhile, the cops close on in, but not before guns are drawn on Fred and Lamont as the crooks trap them on a boat.

Lamont's mother-in-law to be is coming to Watts for a visit and Fred is a little concerned about what she's going to think of a common junk man. This leads Fred to decide to create a legacy and tries to set a world's record and get his name in the Guinness Book of World Records. His goal is to be the person to stay awake the longest.

Fred becomes a victim of a con game when, two men convince him to begin a bogus special "Sanford & Son" sales promotion, in which the lucky winner wins $500. However, Fred has no intention of handing out that much bread but unknown to Fred, the con men have rigged the game so they end up being the lucky winners and Fred will have to pay them the money after all.

Lamont threatens once again to leave the junk business on account that they aren't making much money. However, he also wants to quit and get a full-time job due to his impending nuptials. Fred then hatches a scheme by borrowing money from the bank and pretending that business is picking up big time, while secretly working as a waiter at a restaurant down town.

Fred gets a letter in the mail from someone named Carol who claims that Fred knew her 40 years ago and that she's coming for a visit. However, Fred doesn't recall knowing any Carols and is in for a shock when Carol turns out to be a man. Another shock, Carol claims that he and Fred robbed a bank years ago.

Aunt Esther and Woody have decided to have a baby and set up an appointment with an adoption agency to adopt an older child. However, on the day of a preliminary interview, Woody, so nervous about the prospects of being a father, gets drunk, threatening their chances for an adoption. A heartbroken Esther turns to Fred for help.