So, be prepared for that possibility.Jon

You can always negotiate down but it's a good possibility they may ask for less than you were prepared to offer.

. * Once you're happy with the newly-negotiated terms of the loan, you then go back to the homeowner and prepare an offer to them, with the new loan terms and whatever cash, etc. on closing to compensate the owner for their equity (or at least a portion of their equity).Finding the right deal and doing this right should produce some cash flow the first year of ownership.

Regardless of the details, if the tenant doesn't pay, I still have to pay.If I get the property subject to, then I have to be prepared to get a loan if the loan I took over gets called.

I'd much rather prepare for the possibility that it "could" sit for awhile.

We also prepare analysis for the bank to look at for each property we purchase to show that we can easily float such a loan.

In either case, if you leave your job, my suggestion is to be prepared to live frugally and plow all of your cash flow into generating passive (or relatively passive) income.

You will no doubt be ready for the next (similar) opportunity, prepared with the right documentation and methods of working this type deal.

I want to be as prepared as possible but have no clue where I can obtain copies of the contracts to be used for "buying" and "selling".Any help will be much appreciated..Thanks!

I do not expect that my out of state buyers are familiar with the entire market area, but having investment goals and criteria in place, gives me a sense that they have done some homework and are better prepared to make a move when the right deal that fits those goals comes along.