A Burned Out Broker?

I could have burned seriously.

He isnt behind on any payments and is jsut looking to get out of the property as is has been a rental for him and he was burned on the last tenant.

Residential To Commercial?

that's why you'll hear people talk about "wholesaling", foreclosures and such, because they're a given -usually - that they're below market value.and "motivated sellers" are those that are in pending divorce, family problems, money problems, investors who ran the property poorly, other "investors" on burn-out etc.

Just some comments to flipper 101 as to that land contract transaction that went south.Well it does not surprise me since anybody can bind the other and to split the legal title with the seller and equitable title going to the vendee or buyer can lead to diasterous results on the title on the property if the buyer claims an equitable interest which he has..and getting a tenant out if he defaults can proves to be a nightmare and how he binded you by encumbering the property is unbelievable.If you suggest using an outside entity such as a trustee why not just use a land trust and get all the benefits of using that enitity and thus by the trustee holding bot the legal and equitable title called the doctrine of equitable conversion now you have a situation where not other party can take advantage of one another and you would all vote to your designated trustee on any and all affairs of the trust property due to it being a beneficiary directed trust so you must ALL be in agreement, sure avoids litigation and disputes and no one can circumvent you on your investment.I know that feeling of getting burned which is why I use land trusts in my investing since all parties are equally protected in any given transaction.We all made our mistakes in this business..that is for sure..

He has no other assets.This is in California.The burning question is "Can the creditors force the sale of the house in order to recoup what is owed to them?"

To make a long story short, Investors were getting burned.

I'm buying a four-unit that has wood burning fireplaces in each unit.

How can I set up my business to keep things as simple as possible and yet not get burned in the process?