Don't enter into contracts unless you are prepared to perform.If he showed you a property and you subsequently made an offer on it, even though that offer was not accepted, should you buy that property through another agent, the agent that wrote that offer would still be due a commission, and you would end up paying for it.

[i] Disbursement of Earnest Money: Holder shall disburse the earnest money upon: (1) the closing of Property; (2) a subsequent written agreement of Buyer and Seller; (3) an order of a court or arbitrator having jurisdiction over any dispute involving the earnest money; or (4) the failure of the parties to enter into a binding agreement (where there is no dispute over the formation or enforceability of the Agreement).

By commenting - you enter that conversation and become part of it. 2.)

I am entering into a joint venture with a local contractor/landlord who will be managing and doing most of the ground work in the floor.

But once you post the pay or quit notice and the time period elapses, you will enter the property to find "they've quit!"

You have to be careful that the seller is considered of a sound mind and has the ability to enter into and create and valid purchase and sale agreement.If they are later on found to be not capable of entering into a contract the whole agreement can be declared null and void.I am not talking about people putting on a show to get out of a bad deal but people that are really not in their right mind and capable of making a decision of that magnitude.

If you look at the definition of a security here:www.sec.gov/about/laws/sa33.pdfyou find:(1) The term ‘‘security’’ means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ‘‘security’’, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.I've highlighted some of the terms that could refer to a loan.Now, like Corey Dutton I don't really think the SEC trolls craigslist looking for these ads.

Shari, you don't have to join a pool inorder to enter the lender market at 12% and the mitigation of risk comes from loan to value.

As I understand it, once you enter the purchase part of the lease option you'll have to go through the foreclosure process.

If you act as principal in the transaction, If you are at risk in the transaction, if you are not getting a fee for service, if you disclose that you are leasing - optioning and then assigning in your letter of intent, and if you close in an attorney's office with witnesses and a notary, you are in good shape.In my letter of intent,"Please be advised that the undersigned is interested into entering into a Rental Agreement and Option to Purchase Agreement.