ALTA is a trade organization that most title companies are not a part of.Secondly, as far as I could find, ALTA does not specify that you can not do a double/simultaneous closing.In their Uniform General Closing Instructions, they do reference a simultaneous closing situation in Paragraphs J.1.a.i and K.4.a.i as a "double escrow, double closing, flip sale, pass through, or equity skimming" transaction, and they only stipulate that you can not move forward without full disclosure of the situation to and authorization from the buyer's lender.In a wholesaling situation that would most likely be a hard money lender or a commercial lender, and neither one of them will care.

That's kind of like saying drinking milk is a gateway drug, because most people that smoke crack probably drank milk sometime in their life before they started doing that.If it was a truly harmful drug I would say report it to the police, and get rid of the tenant if you can.

Do your research and milk BP for all it's worth ;) If you have any questions about turnkey or the Birmingham market, feel free to reach out any time.Best of luck!

@Brandon Giarusso after reading all the posts, and without knowing your friend/partner, I think you are being milked.

They may just be milking the system. 

@Tyler Kurz  having made a business out of this prior to WA and OR. passing the anti skimming and foreclosure rescue laws.. you would be surprised folks are generally not to mean if you pound on the door..

Here’s several things I failed at the first time I tried them: Kissing a girl, changing a diaper, painting a house, pouring a glass of milk, changing a car tire, doing a podcast, buying a property, taking a math test, talking, walking and eating.

One could be newly renovated, but not performing due to bad management, the other could be loaded with deferred maintenance and teetering on obsolete, but the owner is milking every last ounce of return out of it .... the CAP rate will not discern.  

Doing so can provide you a small advantage that can help you get a deal in a hot mkt.I researched mkt rents by talking to multiple property mgrs, area locals and skimming sites like Zillow and Trulia.

Things I'm into: Coffee (specifically almond milk mochas and caramel lattes), ceramics, sketching, listening to BP on the way to work, riding my bike, hiking, and standup paddle board.