This area does great with STR and MTR's because of its location close to the city and Med center.  6812 Winton St, 77021 may be a good fit for a light value add. 

On the house.PP: 40KRehab Estimated:40kARV: 135kFMR:1200Wrote up a contract and got it signed with 30 day closing.

You will be able to finance multiple properties at once and minimize closing fees from doing multiple loans. 

If you're looking for cash flow,  3 duplex's that sold here last month are no where near close to positive.

From my experience, a person typically has to mail out thousands of letters to get a small response.Out of the small response a person needs to be able to know how to structure and the ability to close the deal.

In short though you're going to need a purchase agreement and could even use the standard real estate contract, and some people use a warranty deed.seller financing is when you don't have to give the seller some or all of the cash at closing, and then you don't have to get a mortgage (or as large of a mortgage) and you're able to make payments to the seller.

I used a conventional loan and had the cash available to put down 5% and for the closing costs.

The lawyer we used for the closing is also our local agent. 

This is the procedure: have a meeting of the minds, and then they send the check to the closing agent for closing.

The acquisition will most likely be 100% cash, as well as rehab (simply because I want to make cash offers and be able to close in a couple days).