We found a property that had been listed for sale and then pulled off the MLS repeatedly for years, with gradually lowering prices. 

OTOH, if they do have significant assets, this may come into play and make cause taxes to be generated for the heirs when they do die.The point is there are significant tax disadvantages to what they have done and they affect you (for sure) and them (possibly.)With that behind us, what's going on in the area?  

Repeat these steps over and over again from the Cash in, and refi out.  

But if you do it right, you could possibly get all your cash, including the renovation costs back out, with the new mortgage more than covered by the rents received, then repeat the process.  

I'm an investor in SC & wondering how the Dodd-Frank act would affect a lease option.

Repeat until you have enough cash flow to replace your J.O.B

We all know that the school systems greatly affect the values of homes. i recommend you check out http://www.schooldigger.com/

Do it like this:1 - Wholesale to get your initial cash to buy/rehab your 1st deal2 - Analyze then Buy/Rehab 1st deal3 - Put tenant in place, cash flow starts4 - Refinance your initial cash back out (buy/rehab money).Note:  This is where it is important to know how to analyze, and have your analysis show that the property when refi'd will be able to recover all (or most) of the funds used to buy/rehab that deal.5 - Property still cash flows6 - Re-use those same funds on the next buy/rehab deal7 - Repeat steps #2 - 6 until you can't get any more loans8 - Find a "credit partner" that can refinance the next set of deals.9 - Repeat steps #2 - 6 with your Credit Partner (you will be using that same initial cash here too)10 - Split the cash flow with your credit partner11 - When that credit Partner can't get any more loans, find another and...12 -  Repeat steps #2 - 6 with your new Credit Partner (you will be using that same initial cash here too)13 - Repeat these steps until, well until you get tired of doing it.14 - When you refinance the last property, and take all the cash back out, just keep it.One of the many great things about this system is, in the end, you never actually spend the money...you are just using it...over and over again.  

I chose 20% down and the ability to personally afford the mortgage without affecting my lifestyle even if the property is not rented for extended periods of time.  

Rinse and repeat.