@Albert Johnson sounds great, but wholesalers will lock you into a contract with the hope of selling it off to someone else and pocket the difference. 

Every little thing in the project should be in writing, even down to the door stops :-) See my tile spec sheet below ...Two problems with your post though - 1) In my experience, most problems come from the customer changing their minds constantly.

Hi Wendy,Coming from a Banker in most cases the Heloc is a Line of credit you only pay on the amount you use and a Heloan is the bank/lender gives you all cash.Lets say you borrow $10K as a heloc and in the first few months you take out $1500.00 your payment is only going to be based off the $1500 and not the $10K because the rest in the line of credit (LOC) not being used - Same as a credit card.

They are willing to let the houses go for $100k each in cash so they can pay off some bills and relocate.

They are willing to let the houses go for $100k each in cash so they can pay off some bills and relocate.

Here’s a breakdown of my numbers:Primary Residence:Estimated Value: $340,000Remaining Mortgage: $187,000HELOC Balance: $76,000 (fully utilized)Remaining Equity: $77,000Rental Property #1:Estimated Value: $110,800Remaining Mortgage: $60,000Equity: $50,800Cash Flow: $375/monthRental Property #2:Estimated Value: $215,000Remaining Mortgage: $115,000Equity: $100,000Cash Flow: $350/monthOther Income:$1,500/monthMy DilemmaI'm considering taking out a Home Equity Loan (HEL) on my primary residence to:Pay off the HELOC (eliminating the variable rate risk).Use the remaining cash for a down payment on another rental property (~$150K purchase price with 20% down).Estimated cash flow: ~$150/month in year one.Alternatively, I could save up for the down payment instead of leveraging more debt.

 WE  do both  give me a call and I can explain but depends on where the tax advantage is

I don’t have any legal advice, but maybe some helpful perspective.When we return security deposits, we write the check to all tenants on the lease, such as “Tenant A or Tenant B”.

.✅ Force appreciation over 6 months, then refinance into a DSCR loan to pay off the HELOC.✅ Rinse and repeat!

IF you need 100% financing and lets say its $200k deal, the lender will be interest only at $150k at 12% = 1500/mo + taxes. insurance etc.