If you assign the contract get proof of funds in advance and make sure they are trust worth.

Instead of shelling out $60K for a $250K deal, maybe some of you can help me figure out (or give referrals) to title companies, etc, or give overall advice how to save me money from this enormous financial endeavor (closing the deal).Thanks!

Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

 - flipping is a job, stop flipping and stop making money.  

Of course, what they paid isn’t going to take into account the money they have spent on renovations or remodeling, which can be substantial.  

Hey Paul, I've done a few of these with buyers moving money from California to the Detroit market. 

we would have paid the 10% deposit and have had zero legal recourse to get the money back.

More money going to the IRS. 

So $460K-$350K = $110K, it is almost the same as the money I put into this propety. ($42K+$75.6K)=$117K.

I'm sure he could give you some pointers on setting up a business and creative ways to save money.