Like Chris, I'm not brave enough to buy a consumer loan in Chicago.

Investment Info:Large multi-family (5+ units) buy & hold investment.

Off-market property, which is likely the case if you were buying from a wholesaler, has no financing or appraisal contingencies most of the time.  

Im considering buying a turnkey property from Mid-South Home Buyers.

I want to grow my business so i can eventually buy a rental property, or convert the house i own currently. 

The Tax will increase immediately after you buy a property to match the purchase price and you are also responsible for the difference for the years that you didn't even own the property.

You got suckered into buying an older house that was neglected.

Most “Gurus”, authors, advisors and experienced real estate investors preach obtaining seller “carry back” financing for property buyers in order to (1) obtain financing when they don’t qualify for a 3rd party loan (2) obtain financing when the property doesn’t qualify for financing and or (3) extend the “buying power” of their capital contribution (down payment) to purchase a larger more expensive property by having the seller provide a subordinated mortgage loan.That’s all and good, but why should the seller agree to finance the purchase of his property, instead of getting CASH for his equity?

He is now selling it, and we have to buy or vacate.

How do you generate a profit if you can't buy the property?