Because this is an all-cash transaction the closing should be relatively simple.  

I am aware that some of my own money will need to be used in order to secure such a loan, but I definitely would not have the full cash amount of a property sitting in my bank account to show proof of funds for the entire transaction.

It's funny that you're talking about "removing the buyer and purchase it myself"; it's often more the other way around where buyers want to remove the wholesaler from the transaction and buy directly (to save on assignment fees).As a wholesaler, you have a unique opportunity to negotiate seller financing. 

They don't need to see all of your transactions (which are typically listed on a bank statement) for the month. 

In my experience, the more "consumer" like is the transaction, the more likely that the Commission will come down hard on you.

To make money as a real-estate attorney, they would either need to: (1) focus on larger projects; or (2) do a lot of cookie-cutter transactions.

He said it is not so much about it being legal to do in my state but more about what is written in the agreement that allows me to sublease to another tenant buyer in a sandwich lease option transaction.

You having a second lien of $200k has no effect on bidding or paying for your bid price.....no, you don’t get credit for it in any way.

i'm looking for the forum's advice on the most efficient/effective way of weeding out properties. i'll be living in the property for at least a year. while i live there, i'll be living in it (so property can't be a complete rehab), fixing or improving the property, and then either flipping or renting out the property. i've looked at about 18 properties the past 3 weekends (i just started 3 weeks ago). the 18 properties were chosen based on 2 broad criteria: 1) based on pictures, description, and google street view, choose properties close to the metra (in illinois), in a location with a great high school (>=8 score), and in nice(r) neighborhood.2) look at zillow for an idea on property values in the neighborhood so that i'm not buying one of the most expensive houses in the neighborhood. if i feel the house i'm looking at is somewhat undervalued because it needs work and there's some room for me to flip, then house passes.this criteria has helped me weed out 100's of properties, but takes me a bit of time.i'm curious, is this a good start or are there other ways that the full time/professional investors use?

From my vantage point as a mini hedge fund I guess you could call us we do about 300 to 350 transactions a year..