I guess I should clarify the situation after re-reading my original question.

Hello ForumI've read and reread about setting up an LLC before buying a property and it's advantages.

Income they have, but credit is tanked.And the OP might want to re-read what I just wrote to get some ideas :wink:

If anyone has questions about the power of BiggerPockets, re-read my list above.

I had to re read your response about ARVs under $50,000.

Please report back let us know how it turns out. edit: I just re-read through the posts... looks like you're already going to closing on your end... sucks to use hard money rather than just some transactional funding just to do a double closing, but if the numbers work for you and you make the amount of money out of the deal you're looking for, I say go for it.

You should probably reread our last thread about it because it seems like you forgot.http://www.biggerpockets.com/forums/93/topics/54940-contract-assignment-or-double-close-And, yes, if they make money on the deal they will come back, but if they see you making "too much" money on the deal, when they do come back, they will haggle their hearts out on every deal from then on.

Re-read the original thread.

I just re-read my original post and realized a couple of things;1.

Reread the document to look for buzz words like judgment, deficiency, release, waive, etc.If you can let us know who the lender is or copy and paste the langauge of the acceptance letter.The statisfaction of debt could be construed as a lien release.