Where I think you are getting confused is the now very uncommon land contract.

(You can search BP for the related posts for more insight.)Basically, I presented my seller 3 different options yesterday: 1) short the second (Nick inspired) and I'll buy on a wrap; 2) modify the second to add a movement clause (uncommon outside of commercial--aka floating mortgage), have the seller to transfer that second lien to another property, and I'll buy the target property on a wrap; and 3) Jason's "'They Pay You' Subject To".Another way to do this--that I didn't suggest to the seller--is: offer to take over the payments and retail it with a lease-option to a buyer with a few dings--but no evictions, foreclosures, or bankruptcies--on his/her credit.

The bank never agreed, which is not uncommon.

Once you get financed for the higher amount, its not uncommon to make $80k or more per deal as a pre-tax net.

Not overly common but also not uncommon.

And by the way, what you are talking about as far as the tenant being responsible for the expenses, taxes, insurance, maintenance, etc... that is what is called a Triple Net Lease here in the US and it is not uncommon for some commercial applications.Hope that helps.Ivan

It's not uncommon to see wholesaler/flippers buying a property and then immediately offering for sale at an inflated price but only to cash buyers - a lender will not do it without seasoning.The answer to this dilemma is what all of these long term hold folks have discovered.  

It is not uncommon for tenants to run up utility bills to punish their landlord.

Specifically what you're looking for is any balloon payment (the whole amount being due at a certain date before the 30 years - uncommon for a regular mortgage but possible) and especially and adjustable rate language (usually covered in something like an "adjustable rate rider" toward the end).If the mortgage includes escrows for taxes and insurance, I'm not sure the #s add up - I'd expect the payment to be a lot higher.

It's just not 100% predictable on timing and so it's not terribly uncommon to have to extend a contract because a potential heir popped up or court dates were delayed.