In theory I am approaching this as a wholesaler, because unless I find a situation that comes with financing in place (L/O, sub2, etc) I simply don't have the paperwork to impress a bank.  

Does anyone know the technicalities of setting up a LO with a seller that has tenants currently in place?  

.:1 - pays RE Commissions, closing fees, etc...2 - gets ONLY the purchase price as income3 - has higher, and immediate tax issuesSeller sells on a LO, and...:1 - There are no commissions (usually), or closing fees until the option is executed.2 - gets, as income, the purchase price AND...rent payments (cash flow)3 - delayed large tax impact

My cost are 1500 in closing fees and minor repairs along and 153 monthly payment on a 550 monthly gain. the goal on this deal is a L/O which should produce about 50k in earnings.Its podcast 58 at www.buysellfixflip.com

L-O-V-E this one... can't wait to try it out."

The four groupsSellerInvestor buyer - possible buyer of your contracts or deals Investor Lender - possible HML or JVPTenant buyer - LO, Sub2, contract for deed or straight purchases When you buy the list use it.

Not interested in L/O or tenant buyers at this time.Both of my RE attorneys are all about contract law, but don't really know anything about the workings of sub2 on a straight residential sale.

This thread has definitely run away, but amazingly still on topic, most of the time.Anyway, getting a license in my opinion is the best option, unless you do one of two things, if I followed the findings/advise on this thread correctly:1) Buy outright and then resell, (L/O, Wrap and Subject To was also mentioned but doesn't require purchase, per se), as in flipping.

So by the end lo the year looking to have 9 doors or more.

Also, if the price is what's holding things up, you can always switch to offering at their price with favorable terms (seller financing, L/O, etc..)