I have the seller sign a Letter of intent to Lease and To OptionThe letter of Intent covers...Address, Rental Term, Renal Payment per month, Security Deposit, Possession Date, Option Sales Price (could new appraisal), Option Money (usually 3% or $5K min), Representations, Warranties, Covenants, and Indemnification, Legal Effect, Notice of Intent to Assign, Option Period (45 - 60 days)I have them sign the letter of intent (LOI), it goes to my attorney, and the attorney prepares the paperwork.There is an option release disclosure document that discusses that the buyer will be responsible for the following fee’s to be paid out of escrow at closing, which are for the release of the recorded notice of option, the assignment of negotiated purchase price, and the negotiated rent.2.

I can say though great care needs to be taken when you prepare your return to document these facts and circumstances so that you have answers if you are ever audited.

There are lots of creative ways to get into a place with little to nothing down, you just gotta find the right deal.Good luck!!!

Be prepared to pay for an appraisal, provide rehab costs, know how to figure income and expense, value, etc.

If you don't have a solid past behind you, be prepared to fund 25% of the purchase and all of the rehab the first time or two.Bird Dogging requires some cash for advertising (though not nearly as much capital as above) and a lot more time.

Creative financing would be needed in this situation, in order to obtain mass properties with little or no money down.You should start looking for long term financing with a private individual/company.

That being said, I always carefully review every HUD prepared for our short sales, and often find errors.

When commercial multifamily is being sold to presumably sophisticated investors, brokers prepare pro-formas, as we all know.

If its a BofA HAFA, dont go HAFA unless youre prepared to spend the next year waiting it out.

That Realtor (listing agent) would get the seller's side of the commission, I would come in with my agent who would get his/her side (buyers side) - or I offer the list agent to double end and possibly kick back some to me, then I keep the spread between the locked up price and the price I charge my wholesale buyer.of course most listings these days that are anywhere near a deal are short sales or REO properties in which case they are not assignable which means I need to double close or use some other creative circumvention of that dilema such as using a trust or entity.