Well, we have no idea what their contract said about insurance but usually the buyer is responsible.

Originally asking $152k for wiggle room, buyer offered $145k cash.

Originally asking $152k for wiggle room, buyer offered $145k cash.

Yes a MLO is different, they qualify the buyer and keep you straight during the origination process.

Best case for most investor buyers would be if a tenant is month to month, so then as soon as you close on the property you could present the existing tenant(s) with YOUR new lease with your preferred terms and likely higher rent rate, and then they will either accept or you can negotiate or decide to give them notice.

A SFR is very easy to sell and has a much larger pool of buyers.

And also something I’m quite nervous about finding in this area are rehabbers and buyers since I’m not getting a lot of investor responses around Marysville.

But as first time home buyer, you could get into FHA loan for 5% down - so it means all you need is 20-30k for a 400 to 600k transaction (which you can borrow for 401k) but you still need to improve your income to qualify for the repayment.

Am I exposed in any way legally as a lien holder if the wholesaler/seller/buyer did something illegal in that transaction? 

Do I look for commercial buyers the same as SFR and Multi Fam investors?