I personally would do the double close to hide the wholesaler's profit from the initial seller.

Its not going to cost you anything more than your $40K initial investment. 30 years from now you own a house free and clear.

Wayne Brooks Thanks Wayne when you say power to sign for the trust, you mean verify she IS the trustee or has rights TO the trustee to sell the property?

My instincts on my first two tenants based on conversation alone was correct, but I still get an application to verify past residences and work history.

You can verify this on her own site:http://www.reilindsey.com/Look at the bottom of the site in the copyright information.

My initial thought was to start a holding company with the 400k and start doing deals.

Make sure you have a solid lease in-place and can bring verified bank statements to prove rent and cash flow for the perspective property.If I could add, I would highly recommend at the very least talking to a community banker, before buying the property.

Exit strategy would be to either a) hold myself as a rental or 2) have an investor buy it and try to get 1 or 2k fee out of it (would like to go through the process to see how it works).An agent has verified rent in this area to be $1400 to $1500/mo.

As people get more successful and older they do not want all the business and will give you some if you show initiative.

I'd have somebody do an assessment of the property if possible to evaluate the condition to verify.