If the latter then have your lawyer send both buyer and seller a very nasty letter explaining the consequences of attempting to rip you off.If the former then you can always sue if you think you can win.

Be very conservative and explain to your seller that you don't know the area, you're an investor and need to make a profit.

Marian - A $1000 total is a very resonable price, and most will split the fee between the sale and purchase, so if you do not end up identifying, you are only spending a portion of the fee.A GOOD QI will answer all of your questions, explain the process, and explain the tax code, prepare the exchange agreement and other necessary documents as per the IRS regs, setup an account for your exchange funds, have security measures in place to be sure your funds are secure, prepare exchange documents for your purchase, review your closing statements to be sure there are no items that may cause you a tax consequence, fund your closing, keep you updated through the exchange with account statements.Most importantly they will be bonded, insured and know what they are doing.

All of these are time better spent than listening to somebody explain cap rates or mortgage applications.  

And how do I explain it the seller.

Joint Venture agreement explains your interest in deal and how spread will be distributed at closing.

you can then explain all the benefits of real estate and help them see a new life that way.

Hello BP,I am just starting out as a wholesaler and Flipper and would like to know the best method to find and explain to real estate agents what I'm looking for as an investor.

Hey Jamie, I'm not experienced with note investing, but I'm licensed in California, so I'll just explain this question:"I'm a little confused about what happens if the 1st mortgage is no longer current after I've owned the second for some time.

I explained to my client that it may be better for him to just rent when he wants to get out of town rather than having the constant expense of a mortgage, repairs, taxes, insurance, etc not to mention if you own you are locked into that one property vs renting you can pick and choose where you want to go each time etc.