Ask if they intend to reinvest their proceeds in real estate and would accept the same condition in a property they're contemplating to purchase.Bottoml line: this Seller does NOT appear to be motivated and that would have me pass from the get-go.

When they go to pull a title report, they're going to see that anyway, so you should disclose it up front.Based upon what you said the attorney said, it sounds like they are contemplating that you should just flip the contract and there is no double closing.

Hello,My wife and I are contemplating doing a STR in Maui.

I did not even write the following..I'm just cutting and pasting.)WARNING – PRIOR TO ENTERING INTO THE FINANCING CONTEMPLATED BELOW, SELLER AND BUYER AREADVISED TO SEEK THE ADVICE OF LEGAL COUNSEL TO DETERMINE IF THIS FINANCING COMPLIES WITH THEDODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (DODD- FRANK) AND OTHERRELEVANT FEDERAL AND STATE REQUIREMENTS.I.

I've been contemplating the idea of doing the same

They first find a lender they feel they can qualify with, and then try to find a property to fit the loan.I believe that before any investing is contemplated, the potential investor needs to obtain knowledge of real estate in general and whatever specific type of property he is thinking of investing in.  

Obviously you can see how this operation can have it's barriers in certain properties where the balance in contemplation would create a large taxable event.  

Thanks @Lisa Thoele for your insight, I have really been contemplating making a career switch and putting my energy towards being a agent and  building a business.

Currently contemplating the next move and trying to learn all I can about REI.

The after-repaired-value (ARV) and after repaired rents are the key numbers to understand for this purchase you're contemplating.