@David Begley   I hear what your saying however in a practical sense and only from my personal perspective of being a HML... ( I had a 30 million plus book of business with our own cash and bank facilities we loaned from)...

E-LOAN in practice doesnt, in most cases finance mortgages under 100,000 because they make little money, plus its difficult to resell the loan to another company.

Also, when applying for a loan, the standard practice for banks is to take 70% of your rent for income.

They will simultaneously report to all three credit bureaus on the overdue amounts.

Feel free to contact me;Corey WhidbeeTypes of Notes Purchased1st Liens on Residential Seasoned or New Notes2 Liens on Residential Seasoned (Balance must be ½ of the 1 st)Simultaneous Closing on 1st Lien Residential and Commercial1st Liens on Commercial (No 2nd)Portfolios of Performing and Non-Performing NotesTrust Deeds / Deeds of TrustLand ContractsBalloon NotesReal Estate MortgagesFull or Partial Note PurchasesMobile Home with LandSmall Notes- Minimum Amount $20,000 Large Notes (Individual Notes of $1 million +)Account Recievable Funding (Invoice Factoring)Acceptable Types of Real EstateSingle Family ResidentialMulti-Family PropertiesApartment BuildingsImproved LandUnimproved Land Commercial Properties (All Types)

With a glut of inventory already on the market in most areas; the subprime fiasco causing lending practices to tighten (thereby shutting a lot of potential buyers out of the market); a looming avalanche of foreclosures; and a pending recession; who are you going to flip to?

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My question is this - If I have to do a simultaneous close as opposed to a contract assignment, will I be on the hook for any property taxes (even though I owned the property for only a few minutes)?

If it is something pretty straight forward, as described in IRS Publications, as an established industry practice, etc... then that's how you should do it.

That would be practicing RE w/o a license.The system is very gumby-like and able to mirror any form of seller financing w/o many of their pitfalls.All the best,Mark