Attorneys may advertise, but they are under more ethical and even legal requirements concerning doing something to acquire clients that are already represented.

Anything else, questions or concerns let me know.Being you will probably be on both sides on this deal, if you decide to go ahead with it.For example:As a buyer you do not have to worry about coming up with the money for property taxes, private motgage insurance, or homeowners insurance and the seller will usually continue to pay for and complete any maintenance and repairs on the homehttp://www.biggerpockets.com/renewsblog/2013/01/06/rent-to-own-homes/

My concern would be he is too far in the red for even that!

The property is cheap enough but I am concerned with buried stuff if it turns out to be buried drums of waste oil could get expensive to clean up.

Not your concern as far as the legal stuff, although I'd want to know what the issue is in case it could have some liability for you in the future (drugs, illegal home business).

I think this idea is way outside of the realm of the concerns for the average investor.

I'd definitely not send him checks, end of next month he needs a license to service OO consumer debt, if he's not a broker he's probably not a servicer would be my guess, but requiring pre dated checks is an issue as well.You'll need evidence of his requirements, not phone calls but you can record calls if you comply with state law concerning recorded conversations, you need to see an attorney for that, a prosecutor may assist you.

NOTE: It is very common that beginner wholesalers try to wholesale listed properties and they quickly become known for not knowing what they are doing or looking for a sucker.

If you are concerned with him outright defrauding you, then you shouldn't be doing business with him.

That return improves when you buy below market value and that takes care of some of your concern about a market downturn.