We already knew that and it has been very well documented.One of the big reasons why this was allowed to happen is that the companies providing these loans not only had no incentive to make good loans, they had plenty of incentive to make terrible loans (or, just as many loans as they could) because the entity they would sell their loans to (Bear Stearns, Lehman, etc) wanted not the yield from individual mortgages, but the ability to package lots of mortgages into some three letter abbreviation (MBS, CMO, CDO, etc) and trade that product as an asset backed security.

Is there a purchase agreement that you might have that's not too abbreviated and is iron clad or one that you can direct me to (for California) . 

This will be my first "quick flip", and my initial thought is that there's not enough profit to justify it many times... but just to get my feet wet, I'm going for it.I'll apologize in advance for not knowing the proper lingo, abbreviations, acronyms, or even the right way to describe a deal... like I said, I'm new here :DThe house is owned by an acquaintance of a friend, and the friend happens to be a realtor who is killing it in my market.

We have hit a market where prices are competitive and market time is abbreviated.  

@Danny Cerecedes- Sorry; I used a couple of abbreviations. 

is there an FAQ or something that lists all the terminology/abbreviations?

Unfortunately, CL also filters for the abbreviated URL formats and disallows these as well.

If you abbreviate it becomes HP which we all know is Hewlett Packard.On the bright side, stuff like this makes me happy I am old! 

Specifically the A104-2017 which is the "Standard Abbreviated Form of Agreement Between Owner and Contractor" as a basis.

I say unique because the time frame for rentals is abbreviated (May-early October) and weekly rates are very high in peak season.