"most" lenders will allow you to show the buyers statement VS a recorded deed - the title company can provide a gap letter for the time difference. in detroit deeds can take 6 months to record so it is VERY common for lenders to accept your closing doc's as proof (and the date on your deed VS the recordation date)

Usually, it is first-recorded is in first-lien position; later recorded docs take subordinate lien positions.If the county is online, you could probably just go to the website to see the recorded dates on the mortgages there.

Also, the basement has started leaking due to full gutters.I'm planning on countering with the original offer of 550k and including substantiation.

And I am not sure about your state but in MI you can put in a forfiture clause in your owner finance doc's and they give up the right to their equitable rights and you can get rid of them through a 90 day process - not a year long process.Talk to an attorney in your area and see what the real deal is about equitable rights and the eviction process is for each type of financing your considering.

We do a driveby, then a walkthru, then start crunching numbers and reviewing tax docs.

If they excercise the option (actually purchase it) next year they qualify for whatever is offered next year.So your doc's have to be clear they buy this year - and they have to buy this year.Otherwise they are just on a lease.

Also, not sure where you got the data of Wisconsin being the highest: http://www.highbeam.com/doc/1G1-186981243.html

So that would be $182,250 ($32,250 profit before leaks such as fees, etc.)?

At the end of the term, if the LO tenant does not have the financing lined up to buy the house, they can just renew the option (if specified in the legal docs) until they are able to come up with the financing.

I love the idea of putting out a collaborative ebook, and would certainly think that a link to the website of all contributors would be more than fair.With tools like Google Docs, we could essentially build a truly collaborative document (almost wiki-like) that does what Tim suggests.