If you are going to buy a piece of land you need to make it contingent on getting zoning and your site plans approved etc, for density before closing on it.If the seller wants you to buy without all of those restrictions then the price has to be ultra low.

It was those ultra-addictive house flipping shows that sucked me in, especially that Texas Move & Flip show. 

@Tim Ball I also live in an ultra-super-hot market.

In a rental environment, Hard Money works well when you find really motivated home owners and need to close ultra fast... or in situations where the homes need a bunch of rehab.

I figure there are three options:(1) get an agreement from him, get it inspected, buy it for cash - that would be ultra-fast and get him out of trouble - only of course I don't have $180K lying around(2) help him get paid up for all his debts in exchange for him selling the house to me, and then I get traditional financing - what are the exact steps here, though?

I had a file folder (a real one) that I put all receipts in so it was easy for me when I got a computer (back in '95) to make an Excel file for each property and category.I'm an ultra-conservative (financially) guy so I always was concerned about taking no too much, and too high a proportion of debt.

I firmly believe it's about creating opportunity and if I can't compete with the ultra wealthy and experienced investors I am going to find a niche that gives me an advantage or at least allows me to lend value to those sort of investors so I can tag along until I make it. 

But they were in the ultra-competitive sub-$200k price range so their story isn't typical.

Even in ultra-consumer friendly California, a “civilian†can write a note secured by real estate so long as it does not violate usury.

Jason D,Seems to me you got ultra bargain since you bought for deposit which is probably only a few K.