Thank you both for your responses. I am familiar with the idea of consideration and am not too concerned about it. What I am more concerned about is how courts would legally view my activities should I ever be sued. What I was getting at was that even though there are people writing purchase contracts with assignment clauses, there are no doubt those that have no intention of buying the property and are, in effect, actually writing option contracts to purchase the property. This is where it gets a little bit grey for me. Investors writing purchase contracts with escape clauses whose true intentions are to, in effect, create an option to purchase the property.
Any recommendations for a competent and reasonably priced RE attorney in Los Angeles? I've been intending to get started doing wholesaling for a while now, but it's really important that I do it right the first time without any major oversights. I can't stand the 9-5, 3 hour drive in traffic anymore and am ready to make the transition. Thanks again!
