Am I shooting myself in the foot?!?!

[Michael DuVentre]

hey everyone I'm Mike! I'm a newbie to wholesaling!

Anyway I have yet to do a deal but I am optimistic! I have ran across a plethra of abandoned eye sore properties in my city. I looked the properties up on the tax assessors website and found that majority of the properties have  property taxes owed on them.   If  I were to get intouch with the property owner and do a deal on them, how would I actually go about it?!??   

Would it be:

1. Option to purchase agreement ( that states  buyer will pay property taxes)

2. Assignment of contract

3. I guess next I would have a memo recorded at the register of deeds office.

Am I missing something or did I totally screw that all up?!?!

Can someone show me a option to purchase agreement that states buyer will pay property taxes.

[Rick H.]

Actually, I don't see much of anything going on here except that the OP (original poster) is looking for guidance on how to monetize what he (Michael DuVentre) sees as opportunities.

First off, you need to know what you are looking for. You are either trying to buy equity or cash flow, at a discount. Learn market values for both "as-is" properties and "after repaired value" for fully renovated properties. 

Each property will have different equity, depending on the mortgages and liens against them. Unless you are into masochism, eliminate the ones with mortgages encumbering more than half the current value in order to narrow your list to a manageable number.

Determine current title and eliminate the corporate owners. Now you're working a list of private owners who you will need to research their current whereabouts, if alive.

There are many ways to tie up a property contractually and clouding title however I suggest that you NOT do so until you fully understand the process. I encounter recorded documents by people who tried but could not complete "deals" who, for one reason or another, and disappear without clearing the wreckage they left behind. Guys like me then get to clear up recorded crap deeds and option agreements from title by owners and private administrators unaware of the detritus this causes for title insurers.

A simple, one-page Purchase and Sale Agreement, with lots of white space us sufficient to document the deal you intend to make. If clear, it can usually be assigned to someone else willing to pay you something to complete the purchase.