I used a simple two page contract which states "If buyer defaults under this contract, any and all seller shall retain monies deposited by buyer(s) as full liquidated damages.

The seller will retain title. 

what is it called when the owner of the home now agrees to a purchase price of 350k and you pay the mortgage while it being rehabbed and then at the closing you give them 350k and you retain the additional profits?

I started the class online but realized that for me personally it was a little hard to stay focused and retain the information.

You would want to stay below that to attract/retain quality tenants.  

So after retaining the sec. deposit they will owe me $690.53 +/-Should I go to the magistrate today?  

Then HUD-FHA will dispose of the property and receive it's money back.Basically the same thing goes on with any secondary market insured loan, Fannie-Freddie insure through private mortgage companies much like an insurance pool, so do USDA and VA.Insurance and subsidies buy the loan, not the property but they property is conveyed as collateral, the value has nothing to do with it at this point and you'll see conveyances at minimal amounts as consideration paid for the collateral for title purposes.These loans may have had third party servicers or the loans can be sold with servicing retained by the originator.

A Sub-2, you take title.In title states, the lender takes title until the loan is repaid, however, the borrower retains the ownership interests in title, they can still sell their interests.

Do you retain the down payment in those cases?

Visited the Memorial Park, where the salvaged statues and memories of communism times are retained.