There are numerous sf homes in our area that with minor cleanup and some carpet and paint.

That works in your favor..Biggest issue dealing with real estate with record title vested in name of minor child is that in order to unwind and clean up, you will very likely have a larger number of eyes than usual looking at the case file, so you'd better keep your work extra clean.Probably requires a guardianship or guardian ad litem to be established and completed sale.Have fun!

Property was offered to me by a new wholesaler who saw my truck wrap and decided to give me a call.Details:$43,130 All-In Price included a $7,500 Consultant Fee and $3,410 cleanup fee$80,000 Sales Price listed on MLS for $77,900 multiple offers within 3 days$32,450 Profit after all expensesIt took 30 days from closing to closing. 

In that area you HAVE to use an attorney to do the eviction if you have an LLC, and it's $150 for the court + $150 or so for the attorney.Due to the meth lab cleanup , I can't see that unit being spectacularly profitable this year, however it will make us money.

I've spoken to several owners and they all run the properties themselves and when one person leaves, they've got new tenants in within a week/two max after clean up. 

Open escrow and get a title commitment and see where your really at.If the property was bought at TAX sale IE ad valrum tax 's  ( IE property tax sale) then I do believe GA has some sort of quiet title action needed to clean up title.. or in most states if nothing happens in 5 years you can get title insurance..

I’m sure that besides it being a good business practice there may be protections built in for both buyer and seller.Having a plan B in case the loan is called makes a lot of sense and tells me that this is a strategy one should use to keep from depleting resources, but not as the only means to acquire property without reserves to make good on the loan if it’s called.Who knew how much one can learn even by asking a bad question!

I would want them to have a remediation clause where they are on the hook for environmental cleanup costs if the site is found to be contaminated.

If you go bank statements or asset depletion based on a non Fannie/Freddie, rates will probably start in the 6% range and go up from there depending on LTV, loan amount etc., etc.

Do a walk through after they clean up the place.