I'm not an expert at options on homes by any means,but I hate to see your question just sitting here unanswered.By "double closing" you mean that you exercise the optionand buy the house, but at the close you bring *your* buyerto the table and they actually buy.The easier route, it would seem to me, would be to sell theoption outright to the new buyer.

From what I've seen on the boards Dayton appears to be one of the cheapest cities in the US (min. population of 100,000).

It is easier to ask you for help if we have a name.

If the numbers appear right, does anyone think this type of "flipping" would be profitable?

As an LLC is a tax pass-through entity, you (the owner) will receive the same tax benefits as you would if you deducted these repair/improvement expenses on your personal taxes--but, if you use the LLC, it helps legitimize the LLC, is more defendable in an audit b/c it reflects a real business process instead of tax evasion, and frankly it makes it easier and faster during tax time.How might this help in reality?

Do you think a DWMH in a good neighborhood (clean, appears good, new homes, newer cars - new construction going on all over this area but not right in the vicinity of it) would be worth at least the tax value?

In my opinion it would be much easier and safer transaction to structure a one year lease option to buy with a sizable amount down from the tenant.Good luck!

A photo id or two should be required and each signature must be witnessed by the notary.Based on the two states, I would speculate that each signatutre must be witnessed by a notary in that state at the time it is signed--assuming you can't get the parties to appear in front of the same notary.

It appears like your bank will accept an appraisal for 285k on your subject property.if they are making a loan for 238k that means you have to have approx.16.5% down(47,000.) closing costs included.if your sales price is only 215k that means the seller gets his 215k and goes away.you are left with a property worth 285k that has 47k of your money in it plus 23k equity.or 70k in the bank so to speak.if the seller is going to lend you 20k it should be out of his proceeds from the 215k sales price.he must be a nice person to loan you his money for 2years no payments no interest.It looks like you need the 20k to help make the down payment and closing costs.If so you have to make enough on the resale to cover the 20k plus the costs incurred for rehab,holding,and acquiring the property and still make enough profit for it to be worthwhile.Is the bank going to give you 48k at closing for rehab?

They get excited and when that closing date comes they sit and click refresh on their bank's website just waiting to see the wire that's never going to appear.