It'll take real work from you and him to be able to execute this plan.

Currently we have executed on this with commercial loans with local banks, but that is not the route we want to continue due to higher down payments ($100,000+) and higher interest rates at WSJ Prime +1 (sometimes +.5). 

And do not allow any lease payments to count against the purchase if executed. 

They will help you execute your strategy and are VERY knowledgeable about the Cleveland market.

In order to execute effectively, operators will want to validate the path to permit is strait forward and reliable at closing or within 30 days of closing.

Of the two multi family transactions we've assisted so far this year; one went pending in one week and the other had a back up offer, so timing and preparation are definitely critical to execution. 

It would be as difficult and as litigious for the lender to execute a related debt default application of rate (one debt default applies to all debts) on your loan.

I executed my approval on the Commitment Letter and returned it to them to set up Closing.

Like anything, comes down to the operator and execution in my opinion.

They hate assignments and unless you know someone within, they will cancel their closing altogether if an assignment is executed   You cannot get this far anyway because, like the REO’s, the initial PSA is already stated as “non assignable”   What wholesalers do in this scenario is conduct a double Close or double HUD (aka).