Off the Market / Pocket Deals - Closing Correctly

[Richard Florestan]

Hi, Im an investor looking to start calling potential off market residential homes in my area through leads and list of properties that may have owners highly interested in selling their home. I'm aware that every situation will be different in respects to: current bank loan/ back taxes, leans, owned outright with no mortgage/ property condition and location what I am struggling with is what are the things I need to be aware of. Examples of what I mean are. If it would be a cash purchase for me and possibly no realtor involved. 

1. How do I assure I'll be the property wound have any leans and is free and clear to sell? 

2. If it has a current mortgage, would I be better off contacting the bank to take over payments and transferring the deed into my name?

3. Is it as simple as drawing up a residential sales contract and opening title at a title company? Does everything look the same as I was going with a realtor? 

4. What are some of the red flags you may look for or things that you have to be careful about when negotiating a deal?

5. To me it seems like the bones are all drawn out at the title company. How does the title company play a roll into it? I have read about doing wrap loans, but also heard assuming mortgages are very hard these days.

What are some of the weapons some of you have used to help assist on off the market or pocket deal in respect to closing. I have heard of people having 5 day closes after inspections. Thank you in advance