You would have to exercise your option and immediately sell the underlying property (of which by exercising your option you have just obtained ownership of) to complete the transaction.The owner of the property would have to sign a warranty deed transferring title to you.

The more you have, the more options you have.You will need a construction team, an escrow company (or closing agent - attorney in some states), and a title company.Having access to REO and short sales prior to them hitting the market is a key leg up in this market, use that to your advantage.

Like the title suggests I’m originally from Marietta, Ga but have lived in NYC for over 3 years now.

Then you can open an escrow to begin the process to transfer title of ownership

Thanks Rick, it dumbfounded me how a closing attorney/title agent would insure a title gained by AP without investigating it.

I understand that I take over the payments and get the title to the property and her name stays on the loan.

Glad you enjoyed it @Brian GibbonsJust today I had a person ask me for advice on how to record or take title to a property that is exactly in the area I invest in.

I messed up the title of the thread it was supposed to read:First two SFRs done and leased!

I normally figure 5% or $4,500,,,part of the cost are the same for most houses (appraisal, many of the fees etc), some will vary a little bit (title insurance).I buy houses in just under $100k, and it seems like it normally ends up at just under 5%,,obviously this does not include any tax cost or credits that may be involved.

Your post is titled, How fast can I get this person out.