Unfortunately, these situations are very likely to not work out and then you're stuck.

Connect with a real estate agent in your area and work out a deal: Every wholesale lead where the seller wants too much you will refer to the agent for the listing.

The two of you will need to work out some split for your half of the profit to compensate him.

I'm glad you found the bootcamp audio to be highly valuable and I'm sure you'll get even more from the other sessions you've got at your fingertips.For those interested in downloading the audio from the 2012 BiggerPockets Real Estate Investing Summit, you can do that here for $75.

But it is only a rule of thumb you have to work out your real numbers and see what works for you.

I will keep you in mind if things don't work out.

In theory we could offer to take over the mortgage, take out a new one subject to their terms, pay their payments for them, or some other form of creative financing, but we're simply not sure what's legal and what would actually work out.

No, you wouldn’t need a real estate license to work out lease options with prospective sellers or buyers.

If that's the case, there's no savings.On the other hand, if your CPA said that you should be pro-rating that income based on actual time the business was operating, and said -- STRICTLY AS AN EXAMPLE -- that 40% of that income was to be paid as salary and the rest as dividend, then you would have a small savings on that 60% distributed as dividend.Specifically, I believe self-employment tax for 2011 was 13.3% (up to a $106,800K limit on 10.4% of that), so the numbers work out like this:1.

I left a message for them both stating that they are still considered tenants and owe rent for Sept. as we did not get a formal 30 day move-out notice (I am taking a wild guess but I don’t expect that their check is in the mail), and that if they call back with their situation return the keys and move out ASAP we may be able to work out a deal, pro-rate or something, but either way we need to know the situation.Any suggestions as to how I can legally get them out ASAP without going through evection or way to safely clean up the place without having the liability of touching any of their remaining items?