I feel badly for this man, his family and the trauma the agent was put through but I don't think it's enough to warrant taking absurd measures when you're being sufficiently cautious already.

Assuming the remaining 2 members had sufficient income and credit, could a mortgage be obtained for $500,000 to finance the buyout?

Also, if we want to better cover our risk, we can obtain a sufficient security deposit up front.As property owners/landlords we are ultimately responsible, so the utility companies send us a copy of these bills.

Effective Date: 03-19-1993 5313.03 Biannual statements furnished to vendee.Every vendor under a land installment contract shall, at least once a year, or on demand of the vendee, but no more than twice a year, furnish a statement to the vendee showing the following: (A) The amount credited to principal and interest; (B) The balance due.A land contract passbook issued by the vendor or a financial institution shall be sufficient compliance with this section.

Since I have no saving or a sufficient credit history I figured wholesaling would be my preferred option.

I would submit this is the case even if you are sufficiently scaled to have a full time handyman.

Properties with non-sufficient parking for all residents is a no go for me.

As a Trustee, I have postponed a sale at the courthouse steps just prior to opening the sale with an attorney handing me certified funds sufficient to payoff the loan plus all costs, that doesn't happen very often.

Also try to rent to self-sufficient and "hands on" tenants.

When the 5yr balloon payment is due, will a 5yr positive P/L ratio likely be sufficient to refinance the property?