If the numbers you propose can be substantiated, go get a hard money loan.

I'm not familiar with the legality of your proposed idea.

Florida is notorious for foreclosure scams and modification scams.I was wondering, however, if any one has had any experience with approaching a distressed homeowner with the following proposal: If they don't want to do a shortsale, and they have little to no equity in the property, I would be willing to take over the deed and the mortgage.

Secondly,there is nothing very complex about what you are proposing but rather than books or courses, what you need is to hire a competent attorney.

How do you determine proposed rent price before you even get what the refinanced mortgage payment will be?

Check back with me in 30 days and I should have a formal proposal .Side note - I have read on BP and am also finding locally credit unions are a good source for investors.Best wishesChris

What you propose is not going to work! 

Qualified BuyerAs a flipper, I was counting on a banker's approval letter as confirmation that the proposed buyer's credit had been reviewed and (that for that moment) they qualified for the loan.

No contingencies, this was just a proposal to purchase form.

Very true @Dennis Mears, the market could support probably 250$ more based on my research (only 2, 2 bed houses for rent in the whole city, and they are going for 200$ more than my proposed $150 more price.) but vacancies are expensive and having them been there 3 years they must be decent, just some bad habits from previous landlords