Don't get overly concerned about public liability but you do need to be aware, keep properties in good and safe condition, know the rules and conduct your business with attention to details and you should be fine and carry insurance....And I believe Texas has an LLC that limits liability to a subject property safeguarding other business assets, which is unique, I suggest you simply form your business in Texas.

See these other threads where I have posted more details about this:http://www.biggerpockets.com/forums/93/topics/74037-great-wholesale-deal-but-little-time-what-do-i-do?

To add more detail, the child still has not had a court date, been convicted or pled to the charges.

I dont see why this couldn't work as long as all details about how income will be split and how expenses will be split.Does anyone have suggestions as to how we would collect money and split it?

The option to purchase spells out the details of the option money (which is whatever the two parties agree on in writing), and how it will be paid.

You'll find this is a wonderful resource to learn the real world details of REI.Second - to answer your question, I would start by reading anything that Joel Owens has written/replied to.

I went to two local banks last week and the answer is the same as Jon as stated - great income, high credit score, 2years tax return for rental income to be considered, 20-25% down payment and you'll need to show all bank details for the past 3-6 month ( business & personal)Good luck!

If so did the banks give you grief about every little property detail?

Can someone help walk me through the details of flipping a bank owned wholesale through an llc?

I talked to the realtor of the property about 3 months ago getting some info (Ie would sellers be open to owner finance and they said maybe and details about the prop).