The city is very open to this setup, with a clear permit process: $500 initially, plus a $100 inspection fee.

Let me demonstrate why you should not rely on this approach.Suppose you want to compare two properties.Property A:Rent: $1,800/MoPrice: $300,000Taxes: $2,000/YrInsurance: $1,500/YrAssoc Fee: $250/MoProperty B:Rent: $1,600/MoPrice: $300,000Taxes: $800/YrInsurance: $600/YrAssoc Fee: $35/MoCalculating the rent price ratio for both propertiesProperty A: $1,800 x 12 / $300,000 = 7.2%Property B: $1,600 x 12 / $300,000 = 6.4%So, Property A is the better property!

Loan amount is 283,500 for the two properties, origination fees are around $4,300. 

The fees are high, and the rate might be a little high.

Filing fee is like $25 or something.

Only way you made money on this deal, and avoided everyting being eaten up with title & recording fees and transfer taxes, was by flipping the contract - also known as wholesaling.Why can't you just call it what it is?

The only downside for me is that they use a credit card which my property management software charges a fee for.

I am not sure what the pushback is other than not wanting to pay attorney fees.  

He has a contract with the seller which will then be assigned to me for a fee.

I'm hoping to see more of this and praying it gets passed bc we have 2 strs in Hot Springs that have been slapped w/rediculous annual fees and investment hindering regulation.