I have not been in such a partnership personally, but a business partner of mine has.

I was just told that another bid was accepted that was over $1000 LESS than mine.

I was just told that another bid was accepted that was over $1000 LESS than mine.

They've already sunk a few people who are pretty big, including an old friend of mine, who was not a slumlord by any means!

Yes I imagine there are wholesale investors who are time wasters, but it would be a shame to tar them all with the same brush as some are goldmines. 

I was beginning to think that this "back-up bid" stuff was a bunch of crap, cause I've never had one of mine accepted as a back-up (even though I always indicate that they can hold mine as a back-up).  

I'm currently seeking to secure a loan by using a free and clear home(owned by a friend of mine) as collateral to create a better risk to lender in which is due to my poor credit.

Brandon Turner from this podcast is a big advocate for this, as am I - I used fha for a duplex of mine, worked out great.

@Wayne Brooks The 1% will be paid from his broker to mine.

When I replaced mine - I went with exact same brand and tank size but a high efficiency model - measured to make sure same height - Handyman was installing - of course it didn't fit through the door where the old water heater was.High efficiency one had more insulation and about 3 inches wider.