This will actually give you some room to make a profit.  10% of the ARV is already allocated to selling costs (realtor commissions, closing costs, and property transfer taxes), another 10% will be towards your financing costs and holding costs, and then you'll have 10% leftover in profits. 

Permits on homes are not transferable so you'd have to go through a lengthy process in hopes of getting a TVR permit, but no guarantees. 

@Leon Wang, Unless there's something unique with what you're trying to do any title company can handle those quiet title transfers.  

Make sure that the old closing company is willing to transfer it especially if its sizable

You need this for your records to protect yourself in case the tenant claims they paid the old owner.Make sure the security deposit 100% transfers to you.

We purchase all properties in our name and then file Quitclaim deeds to transfer to the LLC.

If the property does not sell, then it will be transferred to VA/HUD and become a VA property or a HUD homeA title issue could have prohibited the transfer from Chase collecting on the insurance and transferring to HUD/VA as they both get title insurance on the transfer

The member may also be anticipating that he'll be transferring to another assignment as soon as he returns from deployment and is trying to simplify things now so his spouse isn't stuck with packing up a house on her own.  

What you could do and I have done this is transfer a little more than what they need in to my savings, then let it sit there for a couple months. 

Hi,Newbie to biggerpockets here.We closed on a house in Chicago and our property manager is adamant that we return the security deposit that was transferred over from the seller.