Help!! Need help with Sub 2 / Grantor Trust Closing Contracts

[Ricky R.]

Hi Bp, 

Ive been working on one of my first couple deals and already feel like a seasoned investor. Ive learned so much and have moved past so many obstacles with this deal. Its really testing me. The last tenants absolutely trashed the place and no one really saw the potential there that i did. But i kept with it and kep going when everyone said i was wasting my time. And im almost ready to pop out that tunnel if i could just get her closed. Target date is jan1. So herein lies my problem. Im acquiring the distressed property from out of state owner by way of sub2 coupled with a land trust. Or at least i think i should for the obvious benefits as well as to stay under the radar. I already have my lease option buyer on board for a 2yr term. So aquiring at payoff- 49k, new buyer is finishing repairs for a 100k sales price - 10k nonrefundable option fee. My PITI is $466, buyer is at $800 a month with a $100 a month credit when rent is paid on time. So you see, this is why i need help. I don't know the EXACT steps to take with paperwork, who to inform of the change to a trust, how to set up trust with no doubts, in what manner to set up insurance, who to use as trustee/hold escrow, etc. Im sure i could wing it but I've come too far to screw this up from negligence. I don't have $700-1000 to pay for a trust & sub2 package until right at closing which does me no good. Yes i know, things are just tight guys. I'm trying. But if anyone thinks they might could be of some assistance i will def work something out with you. Thanks in advance BP