Hi Everyone,So I'm in the middle of trying to execute my first flip. 

This could put you in a vulnerable position where you are negative cash flow and potentially forced to sell.  10% on 5k a month is an extra 500/month.  

@Brandon Henry so I take it from your post the you each own 1/2 of a duplex so neither party can execute the plan without the other.I don't do basement dig outs but have investigated it a couple of different times for different situations.

Likewise, the plan may not receive a benefit from you such as the provision of services such as rehab work.All transactions must be executed at arm's length.  

That mindset was promoted by a known scientologist and while catchy and exciting, it creates a very dangerous, high risk mindset that's rarely, if ever, executed longer than a few days.  

The new LLC owner, the buyer hasn't changed, it's still the LLC...under new ownership, executes the buy in the name of the LLC.  

But I wouldn't even bother executing for that little cash.

Legally binding obligations with respect to the contemplated transaction will only arise upon the signed execution of the RE-23 agreement.Thank you for your consideration.

The above scenario sounds like the order is: appraisal, offer, accepted purchase price, inspection, close, but my experience is that the order is: offer, accepted purchase price, appraisal/insepection, close.I look forward to hearing from anyone who has been able to execute this strategy!

You've given me more piece of mind in one of the last road-blocks before executing on a deal.