Rental demand is high there, but so are home buyers looking to purchase properties there which makes it a bit of a competitive market for sales.

We really want the property because it’s right next door and would have so much potential if we fixed it up.

I later found out the the previous owner had my husband’s first name, so I guess that wasn’t helping 😕.

So why is this called a “loophole”?

If so, I'm assuming you write a check directly to the wholesaler and they are out of the transaction?

We're not afraid to put in a little sweat equity either and are experienced DIYers so I'm confident that we could greatly increase the value. 

I've been on both sides of the scenario (majority POHs, majority TOHs) and I've noticed a difference in management demands.That said, there is MUCH to be said for gaining experience and learning to "rig it right," so it operates with better ease.  

So, the attorney is on the hook for that money.

if it was 25%, there is a lot of ground to be gained. if it was 50%, not so much.

Yes, I know I will lose some of the tax benefits by doing so; but owning something out right sounds appealing to me.