After reading a few post here on BP, I'm affair I might be out of date with my contracts.1) First question I have is, if I do a L/O, and my Tenant/Buyer doesn't pay the rent, in Las Vegas, would you evict them or do you have to foreclose on them?

hi allsend out letters mon got a call today motivated seller problem  2yrs behind on payments had a balance of 76k has an arv of 110k have not seen house on the inside seller says they updated bout 5 yrs back but only bathrooms and carpeting has a pool with half water in it owner says nothing wrong with itI told seller to talk to bank about a shortsale as they just want headache gone but not willing to do l/o or seller finance any suggestion on how to get it under contractwho talks to bank about shortsale seller or buyertks in advance

He has all the contracts needed to do just about everything for L/O in Texas. 

I thought lease options were no longer legal in TX but I know @John Jackson teaches about L/O so hopefully he can respond to your questions.

Lo and behold, a woman who "really needs to sell her house" contacted my wife via a mention from a friend.

I suggest you try to change your deal to a Sub-2 and sell it, your financing any part of this with an owner occupant kicks in a look at the Dodd-Frank stuff.You can have issues with an L/O or more with a S/L/O neither a lease nor an option allows you to make improvements, make repairs, act in legal matters in getting permits or tax matters or in answering citations.

Local laws vary quite a bit with lease options, so make sure you check with someone who specializes in the LO that's in your state.That said, your answer is yes.

This financing matter is made more difficult too, because:If you do your L/O and credit payments your contract is agreed to based on the property condition when the agreement is made.

I keep coming across Pretty Houses, primarily in Sugar Land, where the seller is not motivated to do a Wholesale deal but might consider a LO.

. :) @Bill Gulley@Bill Gulley I see that you are one of the two LO gurus here.Basically, the buyer wants to buy my place but is at the tail end of another deal he has going (he is living in the unit the seller financed to him).So,I was going to:A) Have buyer pay $1,000 for a PO which expires Nov 30, 2014.