The promise to buy and the promise to sell should be sufficient consideration.

You'll need earnest money in the real world, you need title opinions, you need to pay fees and for assistance, attorneys don't work for nothing.Income, do you have a job that gives you a disposable income sufficient topay those small costs of getting a deal through?

First you need some basic business consultation and you can get free advice from SCORE, google that and follow from there, probably have advisors near you.An LLC is sufficient to do anything any RE, the type of business structure has very little to do with the nature of business conducted, as a small business your considerations should be based on tax matters, ease of adminitration, flexibility to conduct business, ability to obtain financing and insurance and lastly liability matters.

Since the HML lent you funds for both purchase and rehab (many will go to 100% of P+R as long as the ARV is sufficient to keep the LTV below 65%), you are not looking for additional cash from the conventional take-out lender, just a refinance of the total HML loan.

Gary,With your numbers, the cashflow you gain by paying off the property is vastly greater than tax incentives you lose!

Joseph M - I believe that most of my friends are finding their most lucrative deals through their vast network of agents, who themselves are quietly finding distressed owners/sellers and doing deals without ever listing the properties in the MLS.

Provided there is sufficient and current data, this could tell you the current market value.

Probably not.I also see you are in the Republic of Cali, so what a judge may consider consideration may stem from some other aspect of the contract if adequate consideration was involved, but sounds to me like it's that ten dollars together with other good and valuable consideration thing, if the consideration recited is not sufficient for the scope of business to be conducted, your seller may not be bound at all

Who cares if the due dates are close to each other if you have sufficient reserves?

Good points, another is that 10K really isn't sufficient for lending unless you are really careful.1, Who only needs 10K?