If I get it under contract I could easily take that to a HML and get a proof of funds letter.

But, the rent income easily covers more than a 30yr mortgage monthly payment (depending on the loan terms, it could even cover the payments for a 15yr mortgage with a low down payment).

Considering she is from OC in So CAL, a condo could easily be $400k.

I am not very good at cap rates, but if you are getting a 12% return on your money you would lose money if you financed it for less than 13% interest.

Another thing to consider for best is that technology allows one to track whether or not their investor base is accredited over time quite easily where a stale subscription agreement would only provide this verification at a single point in time without irritating their investors.

Your realtor should easily be able to tell you the back out clauses in your contract.I think you should have YOUR lawyer right up the language you want, for their lawyers to edit.

I guess if renters start disappearing and you start losing them you could just back out.

I agree with @Brant Richardson , for that price you can easily pick up two nice SFH that will rent for $800+ in nicer areas.I know several Brokers & Property Managers that will sell turn-key props that are occupied, have had recent rehabs and cash flowing nicely.Let me know if I can help.

You won't get the same profit percentage you would if you did it yourself (100% vs 50% more or less depending on your negotiating skills) but if you have never done it before you run a much bigger risk of losing money on the project.I'd say your best bet is partnering with an experienced investor who is willing to help you out and not just wholesale it to someone who will suck out any profit you stand to make.

I'm going to see if my attorney can clarify the situation easily; if he can't, I'll visit with the seller and see if I can reconstruct some names & dates.