Sure, there is an acceleration clause to think about, but I have never run into any problems, and I don't know any investors who have ever run into trouble with the bank calling the loan due.LLCs are easy to set up, and I think it is good form to have one.Cheers, Josh

No the person would be living at the property but as far as property management charges it could be self managed with that form of financing for a slightly higher cash flow.

You need to form relationships with as many agents and potential sellers as you can.

Would it make sense for me to approach him about doing a Warranty or Quit Claim deed to get him out of the mortgage and I take over the payments and ownership of the home and prevent him from foreclosure?

For me, every single listing on the market is of value - it is either a deal to purchase, a retail ready property that helps you price your flips, or a perfect example of what NOT to do lol (that 300+ DoM property that the owner begrudgingly lowered the price after it sat too long and is now unwanted inventory).

My coworker notified me yesterday that his neighbor would be listing soon (they are aiming for September 15), and if I was interested in moving a bit quicker, he would make some introductions for me before they list.

600 sounds like a good target for me.

I found the perfect house for me to do my first wholesale deal with, due to its price in relevance to its location and the property values in the surrounding area.

Self-certification alone (by checking a box) without any other knowledge of a person’s financial circumstances or sophistication is not sufficient to form a “substantive” relationship.This relationship must be established prior to showing the potential investor an opportunity.  

Hi Quinton,This may or may not be applicable to you, but if by "unemployed" you mean "on temporary disability, but my job is waiting for me when I get better, and we have an estimated return to work date," than this would be a scenario where ADA trumps ATR and you can still get a traditional mortgage.Fannie guideline on long-term/permanent disability, on social security disability, and on what may be applicable to you: "temporary leave income," which includes short term medical disabilities.For that last one:Just like women/men on maternity/paternity/pregnant leave, a gap between temporarily reduced income due to medical condition, and your normal income, can be made up for using asset depletion.