Your offer should stipulate that the EMD funds will be deposited into escrow within 3 business days of written acceptance of offer and needs to be made via certified funds (wire transfer or certified check).I like the suggestion of the $150k all cash offer, wait for the counter and then give them the ask price with seller carrying a laon for the difference.

I'm seriously considering the following deal,Condo in the French Quarter in New Orleans (400 square feet) which is typical for that areaPurchase Price $115,000Owner will carry with 60K dpI wanted to know what type of contracts i should look into, the owner is very flexible with payments, but I wanted to hedge my risk and put a stipulaion about finding a renter within two months in the contract...has anyone ever heard about these types of deals?

Let's not get carried away though.

Why -Can the borrower carry that note.

Enforcement is usually carried out locally because the feds do not have the manpower to enforce so they grant enforcement to local muni's to carry out.Even if you get away with LBP without going through someone certified you open yourself up to a potential lawsuit by the purchaser down the road.

Contracts with Contractors is very important in the process, having requirements that mandate they carry general liability insurance and sign waiver of liens prior to starting work is important.

I'm sure it's a fantastic purse if the Queen carries it, but what in the world would be in that purse?

It really depends on your ability to carry the water so to speak, if you have no other income or savings or are able to tap into investments that 6 month reserves is an important target to keep, OTH, if you can pull cash in from other sources to cover that same amount, keeping a small operating budget at hand would do.

For instance, in CA if you don't have any employees then you are not required to carry worker's comp.

While not familiar with CA laws, most states have made this exception due to the fact that they often take care of seller financed transactions and many times they will carry back commissions and loans are generated for payment.