The client had an approval dated prior to that without the clause, and then some complications required them to re-submit the deal and the new approval letter came after August 1.There is an "Affidavit of Arms Length Transaction" that must be signed by the Seller(s), Buyer(s), and their respective Agent(s) as well as the Escrow Agent.

I've always wanted to be an architect and tried to get into an architecture program, but I was unsuccessful, I assume because of my comparatively worse artistic technique than other applicants...Anyhow, I wanted to stick to the domain of real estate since it interests me, and having previous construction experience, I thought I could handle all the world had to throw at me.

Its all very complicated so I may have to read it front to back a few times.My question is how many of you actually do this?

While it is a different strategy requiring different techniques, I believe it to be the best for our current market conditions.And yes, even this biz has beeen affected by many of the issues posted by Scott, but at least I know if I get the property or not right on the spot and I know my numbers from my DD.

In my opinion, IRA's are better served making loans on RE rather than owning teh RE due to several negatives, of which include, but not limited to, no depreciation deductions inside an IRA, all the handcufss from the IRS restrictions, the managerial aspects (hands on it takes) for the IRA which can get complicated, and the lack of ability to use leverage.If you do self direct, you will want to use an LLC for checkbook control and not a C corp.

Since you don't reside in AZ you are required to report only the income earned in AZ.It gets a little complicated though based on the type of income and how each state defines income.

If it was a late night infomercial selling wind so be it, especially if you have come to realize some real techniques along the way that work.

Just because one investor, in one part of the country, during a specific time period, uses a specific technique (s) to make money in real estate, does not make him or her a Real Estate Expert.Over the last few years, I have seen hundreds of Guru courses hit the market on every imaginable topic.

I am sure there is a logical explanation for this and it may be complicated, but a simplified example may serve to illustrate the point for the OP.

It is comical, but that is how complicated the whole thing really is!