My best guess is for me to get the residencial endorsement on my GC's license, get a real estate license, and start doing some flips and fast.I also have a property in Portland OR which I am searching for financing to develop that property as well.  

It's important that your lender requests specific endorsements that protects them.

Policy Premium for Owner's $425GAP Endorsement $125Special Assessment letter $200Closing fee $50Borrowers charges $125I assume the borrowers charges is something we dont need  to pay considering were paying cash.

Here are the costs the mortgage loan officer told me:Commitment fee: $995Appraisal: $690Credit: $14.04Title closing/escrow: $1,145Title lender's policy: $916.15Title/endorsement: $100Title courier: $100Tax Service: $80Record deed: $123Mortgage DOT: $333Total closing costs: $4496.49Total closing costs with Wells Fargo $500 rebate: 3996.49And that isn't even counting the down payment via FHA loan.

I am not endorsing this I just thought it was interesting and would like the thoughts of other investors."

I don't do CASH payment for anyone,, If I have to do that,  I go to bank withdraw enough cash to cover the amount, I write a check to labor contractor and have him endorse the check and hand it back to me, I give him the cash right then back on the spot,,, this is for the type of guy I might hire just for day labor... type work.

This will give you a true figure of what each tenant actually pays, as they endorse the document.I, personally would suggest the latter.  

Believe it or not I have seen this type of situation develop into a good relationship with the owner where he moves you to another house that needs work and suddenly you become "his guy" for better or worse.Anyhow it does happen.Just for the record, I do not endorse this, but I have seen it work out in more than one instance.

Payments to the owner include the master lease payment and incremental option consideration that extends the option period and applies towards the purchase price.Also get a title insurance policy with option endorsement to protect the right to exercise the option.Also, the sub-tenants do not have an option to buy, because the "master tenant" cannot offer an option contract without being an owner of record on the title.

Corey Dutton, I'm not endorsing what this lady did by leading you into believing that you both had a deal.