Wholesale question!!

[Lian Chavda]

Alright, so i've done my research, spoke to a few investors (still have a lunch meeting with a mentor coming up), and read through a few forums. But here's my question...

When looking for a deal and potentially signing a contract, what would homes that are upside down in mortgage, owner still owes a nice chunk on the mortgage, any kind of taxes that has not been paid or a lien take place into place? Most forums or "wholesale examples" I read are as simple as finding a property that the owner is willing to sign i.e. $50,000 and sell contract to investor at $60,000. Does that seller own the title to the home? Do they still have a big loan on their back? Taxes? Etc?

One more thing to add a little off the subject is how to get the seller to agree that you will be making a profit on this transaction of the contract to a motivated buyer, and getting the buyer to agree that you're getting a profit as well. Thanks in advance BP world!