The wholesaler agreed to take my offer verbally but never returned the signed paperwork and ended up taking a much higher offer. 

It is subject to probate court confirmation but the auction house says that that is just a formality, there's no real sign off and what it goes for is what it goes for.

Personally, I wouldn't buy it unless I already had a church willing to sign a lease before I close.

Your contract terms should include novation/assignment language to your anticipated LLC as the title holding entity, hence Scott's advice above - once the LOI is accepted but before the PSA is signed (although you may not actually form the LLC until later).

Marie Tai Thanks for linking that site, I just signed up!

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Closed on 7/20/2018- Repeat On our way to buying an undervalued 7 unit (waiting for amended contracted to be signed by seller as of Friday) All of this was funded by a HELOC on my primary residence.

@Jeff Kehl1/19622/Furnace/water heater 3/Cleveland Hts4/Our existing PM 5/Sorry,we are using a private lender.My bad.6/Most interior repair is minor stuff like repairing rodent damage,small mold and paint/flooring in select units.

Loftium signs a lease directly with you so you get higher rent payments guaranteed every month without the work of managing an Airbnb.  

Sure in theory the owner just signs a piece of paper saying you can take over ownership and he'll just up and walk away, as long as you pinky promise to pay the mortgage every month, but I guarantee you that there will be more unexpected hurdles coming.