Sounds like @Adam Adams is right.  

@Adam Giles  Congrats on the deal!  

Thank You @Adam Cherko1 @Mindy Jensen: An inspiring story from an inspiring woman delivered candidly and in a comfortable environment, where multi-millionaires and in-debt college grads (myself) ate pizza and drank luke-warm beer while discussing any and all aspects of real estate and building wealth.

I too am not particularly comfortable with the land contract model, so I gently pushed back and asked a few questions, to see if I could steer the conversation toward a note and trust deed approach (where I take title, and the seller gets a deed of trust recorded against the property to secure their collateral), which is something I do frequently.Here’s the lesson I learned, that I wanted to pass along:I had incorrectly assumed from their initial approach that they were adamant about using the land contract model.In reality, they just didn’t know any other way existed!

@Adam Allard the reason this is such a popular strategy, is by doing the rehab to the property and increasing the value of it, you have "built" the equity into the property.  

This guy still is adamant on charging us twice the loan origination fees.The other fees are standard 3rd party fees not paid to lenders(appraisal, title, recording, transfer fees) that I found to be standard.My last question would be - He said he reached out to 3 lenders; of which 2 said no before the final lender said yes(he said the lenders lend to LLC's but wouldn't lend to us because we were out of state investors).

Thanks,Adam

@Adam Bradley - I'll just run down through the list of easy questions.

Steve Adams Austin COMMERCIAL fAST AND FAIR.http://www.texascommercialappraisals.com/

@Michael Bertsch@Leighton Adams @Samantha Klein Account Closed - Thanks all for your inputs