If this business doesn't work out to be your cup of tea, its easy to sell SFRs and move on.It VERY HARD to buy off the MLS and get a deal.

As a cash flow investment I'd definitely say it's a no-go.You would be looking at a purely appreciation play, I personally don't have an issue with that it's not my cup of tea though.

I'm hoping I just spoke with someone inexperienced and that it's not a true reflection of their customer service.

The poster is still relatively inexperienced and asking for 100% financing.

But I have used a CFO (Contract for Option to Purchase) for many years.I wrote about the CFO here http://www.biggerpockets.com/blogs/3/blog_posts/25788-cfo-and-a-leaseRE: The CFO - The key to this is you use - a lease and - a contract for option to purchaseIt is a landlord tenant relationship with the leaseYou have to finish the lease as a condition for the CFO.The Option is drawn ahead of time and held in escrow for the buyer, and the buyer has a short time to get the mortgage.The Option is not in the possession of the end buyer until the lease is finished (addresses the equitable interest issue).Conclusion:If you are Licensed in California:Do not close LO assignments on the kitchen table with no witnesses or notary.Realize that the courts will always side with the inexperienced Seller or TBer and not you the REIDo close these in the Attorney's office in California with all the disclosures and releases of liability.There are alot of lawsuits in California.

Inexperienced investors try to do their own work on the rehab rather than becoming a licensed general contractor and sub-contracting out all the jobs. 

@Michael Shires  Knowing the Waterloo market and that you're in experienced in remodeling, I would say a good investment may be buying, renovating several properties, flipping some and holding some. 

It will be very tough for you to get a bank to accept a price far enough be.ow FMV to satisfy your investor, and also have the spread for your fee in there.Also, wholesaling is getting to be a popular endeavor by many inexperienced people and most agents can smell a wholesaler's offer/speak.

I like this idea because as an inexperienced rehabber, I feel better to know that before purchasing a home to rehab, I should be able to get a home inspection done the same time I walk through the home to create a improvement plan.

I understand that people create a successful wholesaling career out of chasing down these kinds of deals but it seems like you would need to find a new/inexperienced realtor to submit numerous low ball offers or be busy enough to keep them busy 24/7 doing deals.I appreciate all the feedback!