Im assuming your talking about taking over the payments subject to the exisiting loan.so let me break it down to you....1.sales contract with subject to existing loan clause on it.2.create a land trust conveying the property into the trust and your company or good friend as trustee.3.have seller sign a warranty deed to trustee showing seller still holds 100% beneficial interest.4.have seller sign an assignment of beneficial interest (ABI) naming you the sole beneficiary to the landtrust.5.you would file the "warranty deed" at the county clerks office but hold on to the "ABI" for future use when selling the property DO NOT FILE THE (ABI)!

In the worst case senario imaginable you sell the property and break even.

Like say you get electrocuted replacing a plug face, or fall off a ladder and break something.

Mike-Can you break down what the expenses are that comprise the 50% of rent figure that you use?

Its roughly the same process for a builder or developer that's taking a big chunk of land and breaking it into lots, or for a condo conversion where a multi-unit building is broken into individual single family units and sold separately.The added value is that its easier to get a loan on a fourplex (residential financing) than anything bigger (commercial financing.)

If you have a contract with the seller and they break it then you can sue the seller for specific performance, damages, and possibly the buyer for breach of contract.Be aware that as a birddog, a Non-Disclosure contract is most likely not legally enforceable in a court of law.

At the moment it is priced under appraised value, and right at break even plus commissions.

Even though it might break down to that, you can't go by that.

I spoke to one of the building inspectors and he said that they get a big rash of calls after parent visiting day for people trying to break leases.

I recall reading a post on here that breaks it down in greater detail.