In this instance, you could collect $50k plus FC costs and any excess proceeds would go to junior lienholders and, once they're paid off, to the previous owner/debtor.

For instance, I helped my Aunt and Uncle 3 months back purchase a single family REO with the 203k loan.

Take for instance Little Village.

I then for instances do a co wholesale agreement with them and turn around and assign to another wholesaler who has end buyer.

As a LL if that is your cost, you need to find better service provider options.In the couple of rare instances where we've rejected someone based on findings in the credit and background, these people knew they were lying and I'm happy to keep their money.Trying to find good renters in Chicago in the winter is terrible. 

This will cloud title in most instances and keep another buyer from "back-dooring" you and the seller will find it more difficult to make a claim of you slandering his title if he agreed to it contractually.

For instance, in older homes, what type of electrical is there?

One could be the tenant does not at present qualify for a mortgage, for instance, if he's not at a job long enough.

Contracts, in many instances, do not have to be in writing to be legally binding.

But I want to be squeaky clean also if we have to prove that our LLC finances are separate from our personal affairs in instance of litigation.