It's a great way to create wealth for you and your partners.I assume that you have already obtained all the historical performance data from the seller, but if you have not, that is a good place to start to see how this property in particular has performed.  

One thing to also mention is that those phone conversations are a good first step in performing screening.

However, it does appear that they operate under a different set of rules.It is my understanding as well that you must be under contract in FL to bring in an inspector, besides which, it could be very expensive to have an inspection performed on every property you are merely considering making an offer on.

The issues with a sandwich lease is the owner can fail to perform and you're on the hook to your tenant/buyer.

Hi Marshae - I can help a little - I Flip properties in San Antonio and Austin areas and I'm  also a licensed RE agent (in Texas) and I perform what are called Broker Price Opinions (BPO's). when you are trying to determine the actual ARV of the house, you want to look at similar SOLDS  in the area (start with the neighborhood, then expand to the same "area")- as much as possible when we do BPO's we try to constrain our comps to homes that have sold in the last 6 months and that are within .5 miles.

That will out perform all other investments that I have.One suggestion is to keep really accurate records and account for things correctly.

You will need to look at rent roll, tax returns, leases of the tenants to get an ideal picture of how this property is performing.

Yes I have a contract …yes I could sue for non performance, I could probably notify a title company about it …not sure I would win unless I am prepared to spend a lot for an attorney and engage in complicated litigation.

He took money, demo'd kitchen then failed to perform.

So if they don't perform, everything is in place to evict.