I had a horse trainer tell me green on green makes black and blue.

Not because I'm trying to endorse Phil Grove or MAPS as Financexaminer implies.

The OP stated "using no money down strategies", which implies no out-of-pocket earnest money, that led me to believe the OP want's to be compensated for finding the buyer.

That implies that you do not understand the formulae as they were presented here on the BP forums.

If you are personally liable, your personal assets are exposed in spite of the LLC.If we go back to the oriiginal post, the original poster implies that his sole purpose in establishing the LLC and transferring his rental property to the LLC is for asset protection in the event of a lawsuit.

To borrow $200-300K in hard money, your monthly payments will likely be on the order of $3000-5000, and you'll probably have to come out of pocket at least $50-75K on the purchase side.You also implied that you're considering holding it as a rental (you said, "Potential After-Renovation Annual Income: $100,000+").

But just a detail, the bank probably got a SWD from their foreclosure (I guess implies a Sheriff sale in IL) but your deed will most likely be some other non-warranty deed.

I did not mean to imply that one would be cheating if one were to use FMV, but if one did so knowing it was wrong, then I guess it would be deceiving, that's why Enron accountants and executivies are in prison.

I'm sure they exist - they are just not as common as some imply.

Real Estate State commission laws vary by state.We don't need to be doing blanket statements on here.Some states DUAL AGENCY is against the law and is not permitted period.In my state of Georgia it is allowed.If you are practicing dual agency and it is legal in your state you have a fiduciary duty to BOTH of your clients NOT just the seller.You can still in many states get paid both sides of the commission not practicing dual agency.Simply in your contract state that you represent the seller and NOT the buyer.You can perform what most states call ministerial acts for the unrepresented party.These ministerial acts will be defined by your real estate commission in writing.If you deviate from providing what is written you can create "implied agency" without even knowing it.So you can usually fill in a purchase price or other items in a contract for a buyer.If they ask things like why is the seller selling or how motivated are they etc. you can't share those items unless you have permission in writing from the seller.