The language in your purchase contract is very important, having exit clauses, and properly negotiating the best deal.Make sure you have the knowledge to perform this task first!

I have posted a few of my deals and look forward to learning from all of you.My hobbies include: foreign languages, keeping exotic fish, formula 1, modified exotics; and would love to get into amateur Porsche racing, scuba and light aviation ... maybe even some big-game hunting.See ya around!

Your options may be limited by the language of your contract.Since the seller has defaulted on his mortgage loan, you and the seller will have arrearages to deal with regardless of the financing terms you have stated in your contract.

You are speaking their language when you talk P&L and balance sheets.If you are using QuickBooks like Mike and entering everything, QB will automatically produce financial statements at the click of your mouse.

Maybe, it would depend on the language in the contract he signed.

Make sure you paperwork has all the correct language but you can require that the buyer pay the Seller a portion or all of that tax credit as a downpayment.

Some short sale settlements include language "forgiving all deficiencies" meaning the lender gives up the right to sue you later for their losses.

I retract my statements about being in the business not being the same as investing - because I suspect from his language that David would agree anyway!

If you are in this for the long term you will think long term rather than wringing out every last $ now.In your PSA I'd include language saying I am making a best effort to find an end buyer but am not guaranteeing I will find such buyer.

And no i do not have it under contract simply because i dont believe im knowledgable enough yyet. im working on analyzing deals until their my first language.