Escrow funds go into an escrow account held by the designated closing attorney.

@Ken LouHere's what I've found out so far:If the property I own was not held in an LLC, it would be a lot easier!

The problem is the amort. schedule and rates to pay off the second are higher and the total rate blends up for the two loans versus neutral or down with a seller held second.

Keep in mind, if you may be using reserves held in an IRA, some lender guidelines only count 60% of the total IRA balance towards reserves.

However, it is taxed at your ordinary rate UP TO 25%.How long have they held the property and what was their basis?

I would not expect it from a professional attorney to be that vague.Vague documents or parts of it can be held in a court of law in some cases to be unenforceable.

Held for cash flow, taxes and appreciation to a more profitable position.

http://www.cnbc.com/id/46538421"Warren Buffett says along with equities, single-family homes are a very attractive investment right now.Appearing live on CNBC's Squawk Box, Buffett tells Becky Quick he'd buy up "a couple hundred thousand" single family homes if it were practical to do so.If held for a long period of time and purchased at low rates, Buffett says houses are even better than stocks.

As mentioned as an agent you are held to a higher standard.

He stated that it's not a clear dividing line, and that the IRS uses both the number of properties flipped and the time that they're held.