Looking at the Fannie Mae website, I found the following requirements:Cash-out refinance transactions must meet the following requirements: The transaction must be used to pay off existing mortgages by obtaining a new first mortgage secured by the same property or be a new mortgage on a property that does not have a mortgage lien against it.Properties listed for sale in the six months preceding the disbursement date of the new mortgage loan are limited to 70% LTV, CLTV, and HCLTV ratios (or less if mandated by the specific product, occupancy, or property type – for example, 65% for manufactured homes).Note: Properties that were listed for sale must have been taken off the market on or before the disbursement date of the new mortgage loan.The property must have been purchased (or acquired) by the borrower at least six months prior to the disbursement date of the new mortgage loan except for the following: There is no waiting period if the lender documents that the borrower acquired the property through an inheritance or was legally awarded the property (divorce, separation, or dissolution of a domestic partnership).

If it's a reputable wholesaler they typically would not use a shady title company Thanks Chris - I like your idea of having my own title search done too but I'm not sure if there would be time for that as these wholesale contracts usually close quickly. 

Have you had any experience with "contracting" out lawn maintenance to one of the student tenants?

But I can give you some general advice.There's usually public notice involved so you pick up the list from your local legal newspaper or website.

Any advice for developing the contract?

One thing to consider is that I don't believe it is technically legal to VRBO/AirBNB. http://kutv.com/news/get-gephardt/air-bnb-rentals-...I did have a friend who used his house as a winter ski rental and seemed to have good success with it.

Demand is high, will be for some time due to so many out of state transplants and Mary Jane legalization along with limited house building for many years. 

The best thing I think is to put the house under contract & flip the contract for my commission to ensure that I don't get left empty handed.My question is: How do I properly do this without missing anything & forgetting any escape clauses.Help BP family!

My offer on a single family home with a legal secondary suite was accepted and now we are just going through the process of removing conditions.  

If you know the area, and the property is a great deal, AND the seller is reasonable with the terms and conditions, its worth talking to a real estate attorney to draft up a contract.