He may be actually speaking about a "Wrap".Find out if actual ownership converts to youMake sure you have a title reportYou may want to pay for an appraisal and an inspectionMake sure you use an escrow company or an attorney to do the transaction Hi Ken!

What is the Wyoming connection to this transaction?

Quote from @Joe Paasch: I have joined this site to gain important incites, discussions and plans to build a successful portfolio.  

Hey Tori, Welcome to the forums and congrats on yoru success!

Each note is reviewed individually and most note buyers will provide quotes once the transaction has closed, recorded, and the first payment made. 

Selling the PropertyIf your parents decide to sell, they could: Sell As-Is: At a current appraisal of $350k, they could walk away with a sizable profit (after transaction costs like realtor fees, taxes, etc.).

I am currently doing three approaches and hopefully one of them pans out:1) Networking with others.2) Continuing setting up my Gator transactional lending business. 3) Going through the content.

Congrats on taking the leap and your success so far!

A good accountant can determine how to account for the 70k received in the best tax advantaged way that makes sense for the transaction.

You also do not want to be too cheap and leave money on the table.If you do all of that you will be well on your way to being successful.