I also think it is a cost of securing that asset protection by using an LLC.

You obviously need to know the property's value, estimate your costs to secure and rehab, project your marketing time or exit strategy.

As John said, the buyer will view you as a seller.Now normally in a wholesale deal, official inspections are rarely involved.

In the RE context the note is normally secured by collateral that is RE.Buying and selling notes if both a niche business and a big business.

Keith - Welcome officially to the site.

There have been some comments I have read on forums about lenders stating that they will reconvey the security instrument only - and consider the note still collectible for the unpaid balance.

That may have been a mistake; they perhaps should have done the standard screw-the-landlord procedure and kept the last month against the security deposit, but they were naive and assumed it would be returned...

Accordingly, property management activities that require a real estate license include: showing a unit for sale or lease, negotiating lease or real estate contract terms, maintaining security deposits, rent payments or earnest money deposits.Still searching for Missouri information.

The problem is tha every "builder's" contract I've ever seen was so one sided with out clauses for the seller that it may be tough.Lesson, if a deal cannot be secured for $1,000 or less, walk/run away.all cash

I'm with Mike---if you are going to put up a sizeable earnest deposit, make sure that your ducks are in a row first (i.e. financing)---if the REO bank does except your low ball offer, it will most likely be without the contigency to secure financing (in other words, can't finance it, thanks for the 10K).