I have told the realtor that if we can not get the closing paperwork or an agreement with the seller that we will close by the original close date of May 29th (they changed the close date after they took two weeks to sign the purchase addendum) by this Thursday that I am going to speak to a lawyer about my options for either speeding up this process or getting out of this property.

At the forefront of our “to do list” is finding a local CPA and working with them and our lawyer to get a business entity established.

Don't be afraid to get the professional help when needed from a lawyer or CPA.Have any questions just ask and dig in, especially under the learn tab.

I would recommend reading up on how to structure a company such as an LLC, c corp, etc. and consulting a local lawyer. 

I took a wonderful set of courses at a local tech school that went over all the Tenant/Landlord laws in my state, and was taught by a lawyer.

I am not a lawyer but if your wholesaler is not licensed they cannot represent the seller and cannot impose any conditions on the seller on your behalf (unless they draw up a new PA with the seller).

Do a search, and you can find many....or join the paper source group to access a large list of buyers.First, lawyer up!

That might be enough to get out of it without bringing in lawyers or getting dinged by homesearch.

I had a lawyer review a tenant buyout contract (needed to buy one tenant out so I could occupy) and during that discussion, the lawyer suggested that I sign an Assignment of Lease with the current lessor - making the lease transfer bulletproof in the event of eviction proceedings.

First of all I am not a tax person or lawyer and don't play one on tv so you shouid consult a professional in your areas.I'm sure someone with more properties may be able to better answer your question but here is my experience:I live in CA where we DO have state income tax and I have rentals in Ohio.