Hello BP....I was wondering about the assignment contract and how should it be worded to protect me if the buyer backs down or whatever else that can go wrong. 

In the case I am sued, how can I protect him from being named in anything or his earnings at risk?

If the home is owned free and clear, you could record the option to protect your interest.

Or do the contract protect this from happening, and if so aren't the contracts only good for 30-60 days usually.

I have a background in Interior Design / Architecture and have been wanting to expand that expertise into the ability to purchase, hold, and flip properties throughout the state of Arizona.

We are in search of mentors who can guide us through the process and protect us from the scammers and others who take advantage of newbies.

Consumer protection laws, time consuming and expensive court procedures, and so on have forced some hard money lenders to become even harsher when applying for a loan.

How can you protect yourself from this?

If you are on a month-to-month rental agreement this will be easier to do than if you are on a long-term lease, because the time-line to make changes can be shorter.Also, you need to know more about who is residing there so you will be better able to tailor your communications and also to protect yourself and your property.

If you walk away, the lender #2 has to buy out lender #1 to protect their position if the loan is in default.