I am currently in talks with an owner regarding a structured seller finance deal where the owner will agree to give me the rights to repair and resell his property and essentially serve as the property manager from a maintenance perspective, whereby I will be receive all the rents and also be responsible for the private mortgage that he will provide me.

Language included in these schemes include: “tying up the real property,” putting the house in contract until a buyer is found, and placing the home in contract for the purpose of re-selling the property.

Look for property that will be attractive to re-sell when the time comes.

I was also told in a recent training (Justin Wilmot's 10hr wholesaler) that a double close allows an individual to take more control of a property closing in a given situation, minimizing variables of risk.In most cases, i could possibly do this, given that it involves getting a temporary equity loan to purchase to home then resell it to the buyer.I'll have to investigate this option a bit further.

Who is the bank that owns the REO and are there any seasoning requirements in other words are there any restrictions on flipping the contract and/or reselling the property.

The leading real state books and educators teach the following basic approaches to buy real estate creatively.Some good and some not so good.Later I'll discuss the pros and cons of the best creative financing methods so you can determine which to use for your particular situationLand ContractsOptions, Leases, Options to purchaseAITD's (All inclusive trust deeds or wraps)Seller carry back deeds of trusts/mortgagesTaking subject to the existing financingNot recording the deed, which is dangerous if not properly protectedRecording a memorandum of agreement Trusts:Transfer the property to the sellers trust, get the bank to approve the transfer and then have the beneficiary of the sellers trust changed to the buyer.Just transferring title into the buyers name hoping the lender won't call the loan.Equity shareAny of these will trigger the due on sale clause and as a buyer or seller if you haven't put safeguards in place, you are unprotected against claims against the title from showing up and or the lender calling the loan due.Are you prepared to take the chance that the seller may further encumber the property or resell to someone else?

The amount you plan to fix the home up should be determined by how you plan to resell the home and the amount of your greed.

If the home is in good shape with potential then pay the back fees (hopefully under $3,000) and resell for payments for a large profit.

You may be able to get one and quickly resell the house, but the lender won't make much profit on the deal and may not fund you the next time around.

I'm working to close my first resell..Your numbers better, but I'm starting in the 70K range ...I'm focusing more attention in kitchen/bath..I'm also including stainless package(stove, microwave, dishwasher)...