Flipping is a gamble.

I know, it's a huge fumble but one that I undertook as a gamble and I lost.2) I requested the original lease from the owner, at least twice and he either couldn't or didn't want to supply them.

Find someone that comes highly recommended from a friend, family, real estate agent, etc who charges a fair price and you will have a sucessful project anything less and you are gambling.

Many of the rules and restrictions that make FHA's basic single - family mortgage insurance product (Section 203(b)) relatively convenient for lower income borrowers apply here.

You aren't buying rental property.You are buying speculation property.Anytime the cost exceeds the rents coming in,you are gambling on gains on property for profit(which i think is insane)Speculation is dangerous

These are the people that cannot qualify for traditional finance and the sub-prime meltdown has conveniently added thousands to that pool of buyers.Lease options have been around for years, the sandwich lease is a great way to generate cashflow from property only - it is NOT a buy/hold strategy.

Tourist says "Hmmm, how do I know you won't just gamble the money away?"

A strange twist that these conveniences can easily be construed as liabilities and haven't led to an increased amount of personal time for many.

You will need a purchase agreement along side other documentation that the bank will tell you.As David has been trying to impress on you, you are better off using a professional agent or a lawyer to do this deal- so that you cover your butts - just in case the seller later conveniently forgets and claim that you duped him or whatever...Regardsnii

Worth a $50 gamble on good cheer to me!