They bring the title to escrow and a professional handles the transfer.There are likely some sharks on ebay in the RE area.

Actually, this method works best when the market tanks, so you can buy low in a distressed market ... call it a hunch, but San Diego seems to be softening a bit and there is a decent chance (if you're lucky) that you may see such great buying opportunities in the not so distant future.

Only the market tanked on our last house that we put way too much into.

All lots are 1/4 acre with septic tank.  

I look at the land just as much as the improvement upon it.First having started out working with commercial developers before that market tanked you never look at land the same way again.So not just the financials of what the property is but also what could it become??

If everything went perfect over 7 years you would probably make a decent profit but what if the market tanks?

New roof, totally renovated, and have new furnace and hot water tanks.

went from cast iron to PVC.New electric water tank, new appliances, refinished the hardwood floors, new smoke detectors, outlets, light fixtures, carpet in two bedrooms, vinyl flooring in the bathrooms and kitchen, 4 new windows, new toilets, blinds for the windows, insulation in the attic (there was nothing up there!)

Decommission an old septic tank that we didn't even know was there since we were on city sewer.

Even if the economy tanks, real estate owned outright will still produce some cash flow, and has inherent value.