The other big exception in the Act reads:  Any person employed by an owner of real estate for the purpose of managing or maintaining multifamily residential property: Provided, however, That such person is not authorized or empowered by such owner to enter into leases on behalf of the owner, to negotiate terms or conditions of occupancy with current or prospective tenants or to hold money belonging to tenants other than on behalf of the owner.

Tried to get a copy of the contract the author uses but he was not kind enough to reply to me. 

Amazon is normally $75+ when they are available.Full disclosure: I am not associated with the author and have no financial interest in whether you purchase this book.Mike

The seller seemed to be much more willing to make a deal, as compared to before when it seemed those properties lingered on the market for an extra long time.Yesterday I read this news article that basically said OCWEN, the main loan service provider that sells it's REOs on Hubzu.com is being sued by federal and state authorities. 20 state regulators have stopped them from originating any new business.It seems to make sense then, that the folks at OCWEN knew this was coming, and started to perhaps sell off more inventory to raise cash?

They need to request the change and get your written authorization.

(1) For the purpose of determining compliance with the provisions of this article, the manager or an authorized representative is hereby authorized and directed to make inspections to determine the condition, use, and occupancy of dwellings, dwelling units, rooming units, and the premises upon which the same are located.

You will make $200k in profit.If you elected to be taxed as an S-Corp here you can say pay yourself what the taxing authorities would call a "reasonable" salary let's say $50k for simplicity sake.  

ONLY.. no additional work unless authorized by you.Keep it simple and sounds like they are paying which is good.

I think it's important to find out if the deal doesn't work for legitimate reasons, will they buy it back, how long is that going to take, and do they have the authority to do so. 

@Victor Barboza,You'll need to contact the appropriate authorities to find out what any next steps would be.