Is the written agreement something that has to be signed by both parties then turned over to attorney to then draft up a contract?

Have an objective third-party determine value in its current condition.

Below is a list of the most common record statuses and their meanings: Deed: This document shows the transfer of ownership from one party to another.

Interpleader term that requires the QI to deposit funds with the court in case of disputes or 3rd party claims.

To hedge that issue I think all parties can agree that verified work completed warrants payment which is why we do the installments to build that trust.

Its a magnet for grifters and fools, and the "investing" equivilent of going to that crummy casino in National Lampoons Vegas Vacation (?)

Attempting to get in the middle of 2 sophisticated parties with a competitive middle man already in the market (commercial brokers) is tough.

First I want to thank you for reading, I am new to the investment market and the idea is exciting and terrifying at the same time.A few facts:Purchase Price: 325,000Rental Income Estimate: $5250Property details: This is a 3 door property:1. 1/1(main building)2. 3/2(main building)3. 2/1(separate building)Repair estimates to get all 3 properties up and running: $145,000 - $200,000I do not have a ARV since its very unique there is not anything we can compare to but I am looking to get a third party appraisal.Plan is to do a mortgage for the property with cash down payment.

These studies can be pretty complex, and a third-party expert will ensure it’s done correctly and that you maximize your depreciation.

If you are looking to build quick capital and another full-time job, then flipping may be the answer...if you are looking for a slightly more passive approach and looking to build that long-term wealth, buy&hold'ing is maybe a better strategy.I've found introspecting on where I want to go long-term has helped clarify my short-term path...The beautiful part is Chicago offers all options at affordable prices general speaking compared to other metro areas.