He explained that he had purchased the new property with no money down.

@ Joe Gore Do you feel that it is my responsibility to sit down with the seller and explain to him/her all the ramifications of all clauses of a contract?

Saying "we're doing this just like a normal mortgage, but you are getting the interest instead of some bank" tends to go over better than explaining L/O's and land contracts to a seller.

@Aaron Montague Could you explain again your idea for the creative finance on the SFH?

But, if you're doing it for practice then approach the seller, explain you have some investor buyer and decided you don't want to hold the property and that you'll pass it on to your buyer.

:) Can you please explain what you use in your contract with respect to this issue of 'expenses and damages recited for the seller'I may need to add that clause to my contract.

One more term I've heard a couple of times lately is a "stalking horse bidder" anyone care to explain that one?

thanks for any help and if anything doesnt make sense i can explain further.

They comprehend that with English being the primary language spoken here, and their weak English ability, that they will need that translator to get by in finding a rental when the landlord isn't fluent in Spanish.So far I haven't had any Hispanic tenants who were incapable of understanding English, although I do have some who rely on their children to explain some things when they don't quite fully understand.

You also will be faced in the resale seasoning requirements (some require 6 month holding and some 1 year).You will have to explain how you purchased just a month ago and now it's worth $30K more when all you did was paint the place and do some rough-framing in the basement.