Need help closing my first deal subject-to!

[Omid A.]

Hello BP,

After nearly a year of educating myself and reading through these forums constantly, I took some action and began marketing direct to sellers via direct mail. I now have a lead that has come in, a lady who is underwater with her mortgage while also going through a divorce. The property needs some minor updating and no major repairs. She wants out of the property and a few thousand walk-away money. She can be out of the property for a total of 177k, so I'll give her 3k on top and settle it at 180k.

She has agreed to let me take the property subject-to. I am fully aware of the due-on-sale clause and have fully disclosed it to the seller. Considering I'll be out of the property within a month or two, there is not much risk to that.

Comps are at 225k and my plan is to give it a paint job and list it on the market. My question is this: if the deed is transferred to my name, is it at that point when I can list the property on the MLS? Also, how would the fact that I bought it subject-to affect the transaction on the MLS, could I still sell to an FHA buyer? Does the fact I bought it subject-to complicate the process of selling via MLS and how? Any help is much appreciated.

Thanks a ton BP, I owe it to you all.