But, the closing attorneys can show you the loophole where you basically assign the contract to someone else, or do a dual closing. 

It’s illegal in Texas but there are some legal loopholes.

I'm wondering if I were to crunch the numbers and find a viable place, if I can make an offer to lock in the place, and then what "loopholes" I have if later I decide the place isn't right to purchase.For example, if my offer included a requirement for a home inspection, and that inspection comes back with 10 things noted by the inspector.

There are certain loopholes in securing a second FHA loan, if you prove after a year that your job moved you over 100 miles is the most common. 

ONCE your accept co-signers you set a loop hole for anyone else that want's to rent that doesn't qualify.. so you'll need to let others rent with co-signers.The only clause we had for using co-signer was if applicant was a student and then we would permit co-signers.She wouldn't qualify in my standards.

Loopholes of Real Estate by Garrett Sutton is a great informative read for starting out.

Just trying to find a loophole.

In the back of my head I feel like there's a loophole I'm missing and he's going to walk with my money.Should I be paying the premium of having an attorney draft all documents and handle the transaction when the purchase price is so low in the first place?

Some states have a loophole but FL closed it due to the number of FRAUDS AND SCAMMERS victimizing the public. 

In fact, NQ was specifically introduced to CLOSE the move-back loophole.