The good news is that I just snagged another one yesterday (if it goes thru).

What is the procedure for backing out of a sales contract using the POA document.

You are locked into the loan when you sign the documents only.

He uses his internal crew so receipts are the documents he creates.

I have the seller sign a Letter of intent to Lease and To OptionThe letter of Intent covers...Address, Rental Term, Renal Payment per month, Security Deposit, Possession Date, Option Sales Price (could new appraisal), Option Money (usually 3% or $5K min), Representations, Warranties, Covenants, and Indemnification, Legal Effect, Notice of Intent to Assign, Option Period (45 - 60 days)I have them sign the letter of intent (LOI), it goes to my attorney, and the attorney prepares the paperwork.There is an option release disclosure document that discusses that the buyer will be responsible for the following fee’s to be paid out of escrow at closing, which are for the release of the recorded notice of option, the assignment of negotiated purchase price, and the negotiated rent.2.

The good news is my tenants paid on time and even renewed their lease.

Good news!

I can say though great care needs to be taken when you prepare your return to document these facts and circumstances so that you have answers if you are ever audited.

So one can proactively go to the tax assessors' office in your city and do research to determine whether there is a lien or other negative report that would start a negotiation process this is public information -- superficial at first but then once trust is built  with a series of phone calls or visits -- request a "certified document on the first year status of the property in question and in relation to a tenant's payment history.

Thanks for the reply Chris,I've been telling the people verbally the process, but normally I don't say much until I received the document filled out.