The previous tenants moved out 1.5 months ago and left it very clean.

Bill too many factors would weigh into this.You are looking at hard money with very high carrying costs at 60% occupancy as a regular lender won't touch it.Too easy to go from 60% to 40% or lower and the new lender has a fresh foreclosure on their hands.Unless you pay cash you will need a HML or private money and will have to pay low to get it to cash flow until you can refi into a lower debt service once stabilized.Is this a local,regional,or national bank??

I am certainly not down on wholesaling, and it is certainly not dead in this market, in fact, if you know how to lock up great deals, it can be a great source of income for you.I work in higher price point market areas (southern CA) and as such, my standard wholesale fee on a regular deal is around $10k, and I have made as much as $40k on deals in the past, it all depends on what the market will bear and how good of a spread you locked up in the first place.

It seems that is what makes it more difficult for a wholesaler to make deals they can close regularly.

I could atleast fly to Chicago and clean out the unit so that it is presentable to the prospective tenants.

You list for sale at say $110k, then when you sell, the end buyer is paying $110k, just like any "regular" transaction, and 70k, goes to the family (less the option fee you already paid) and the rest goes to you, as the option holder.

This paperwork (signed deed and agreement for sale, etc.) will not be for "public consumption", unless made public out of necessity.Plus, you have a creative way of making this owner financing deal become "more of a regular deal" if needed in the future!

Came across this ad while looking for rent comps: http://baltimore.craigslist.org/apa/2588121845.htmlRenting a place to the first starnger, then evicting, not wanting to clean/fix/paint/replace carpet; Then renting the dump and then evicting, not fixing/cleaning/paintin; Renting as-is, evicting......

All liens, claims, etc are paid off and/or protected against, so basically you're getting a house with a perfectly clean title and no liability issues (there is always some risk, but no more with an REO than any other property you might purchase).- Generally, REOs are going to need more renovation than a house you purchase from a retail seller.

Your regular attorney can tell you what they want, but the criminal attorney will tell you what the Grand Jury/Prosecutor will see in your plan.