Potential Contract on Home

[Ryan MacDonald]

Hi all,

I am in the process of negotiating a contract for $55K on a home here in New Braunfels, TX that has a $200K ARV. The seller is in a tough spot financially and needs money fast and is considering accepting my offer tonight since they don't really have any other options.

This is my first time I have gone this far in my quest to find off market properties but I have trying to figure out how to draw up the contract in order to protect myself.  One item to note is that they need the money quickly and are asking that I rent the property back to them for 30 days so that they can find another place to live.  Their finances are so bad I am wanting to avoid this so that I or the end buyer don't have to go through the eviction process.

I have the TREC contract in front of me and I have heard that I should look at setting up a land trust in order to protect myself and I am also not sure if I want to wholesale the contract to a flipper wholetail it myself at a reduced amount.  What other items should I include in the contract?  If I am going to work with a partner on this deal (either as my private lender and/or partner to flip), is there a better way to fill out the contract? Any help would be greatly appreciated!

Cheers!