Perhaps for Rick Pozos - Is there any legal way or legal documentation that could be written up stating that if the loan is defaulted that the private lender gets to claim the house?

(Make sure you are including your closing costs on purchase and sale to compute.)  5% vacancy is probably unrealistically low unless there are long-term tenants (which often means the rents are below-market).

I'd like to add that if you are concerned about getting sued in Ohio and you have a legitimate claim against the tenant, then go ahead and sue them first and file the suit in Texas.  

Right now the only thing in the 0-60k range in all of Nassau County on MLS is a house boat in port washington:) You can find some beat up properties in suffolk or some unrealistic short sales on MLS.

Once you have that basic information you can proceed, I'd get a Will and Probate attorney,Basically your sister has had housing, she may have a claim against estate if the estate has any proceeds.

If you buy investment property of this type based on the sellers CLAIMED "cap rate" you can say au revoir to your money.

For 99% of us this is very unrealistic.

Thanks JasonWhat I am understanding is that if the work being done is somehow faulty ( I think of a plumbing fitting attached wrongly causing a future flood) my property insurance subrogation department would come after my company for the $60,000 flood damage claim wanting my LLC to be responsible for the faulty installation that caused the damage.  

Hello, I am in the Milwaukee area and have a close connection who used to work as a claims representative, he says that if you're paying someone it will be about 6k-12k depending on the size of the roof as stated above.

Contracts for deed are being looked at more closely by CFBP because of predatory practices, but they are by no means illegal.4) What people are calling Sub2 financing can be achieved by 3 primary methods:Quit Claim deed where the seller has no recourse in the event of default but remains on the hook for the underlying loan.All inclusive trust deed (or wrap) where title transfers and the seller carries the note and continues to service the underlying debt.