You will need to look at rent roll, tax returns, leases of the tenants to get an ideal picture of how this property is performing.

Yes I have a contract …yes I could sue for non performance, I could probably notify a title company about it …not sure I would win unless I am prepared to spend a lot for an attorney and engage in complicated litigation.

He took money, demo'd kitchen then failed to perform.

So if they don't perform, everything is in place to evict.

I want to do some property management also as an added service from the Normal Real estate transactions that I perform.

This could be touchy from a marketing or sales side as really, you aren't selling the property requiring an ability to perform in a major financial transaction, you may be compensated in full upon the assignment so I can see a buyer saying it's none of your business.

That includes Realtors or operators.I've wholesaled more than most, it's the best way to get a new borrower into a poorly performing arrangement, it's a cure for pre-foreclosure issues and I've flipped contracts under a variety of circumstances.

Memorandum of Agreement or Performance MortgageDavid

Get a proper inspection performed with a solid opt out clause in your purchase contract should anything grave come about.What can I do to try and prevent buying the place and later finding a 20k issue with the house?

Also the rents are even a ways off from even 1% of purchase price.Did you already have an inspection or perform one yourself as It would seem that a defect free property would have more competition from buyers and with you using financing it is not like you have a slam dunk purchase from the seller's perspective either to like your offer more than others.