I told him it was definitely NOT a referral and he knew that not only by our previous conversation, but by the email i had sent him the nigt before which clearly statred my intentions to wholesale.Before you ask, no we did not sign anything together, which was probably my second mistake...

You could clear up a lot of skepticism by stating that you've already pulled comps and this house is worth $150k... but until then, proceed with caution.

I believe that I need to pay back the tax credit since the house clearly is not my primary residence, but I am struggling to figure out the best way in which to do this.I don't know all of the rules for this, but would it be possible to amend my 2010 return to pay back the credit then (basically as soon as I got it?).

The other two are free and clear, and he says he'll accept a land contract on those...

There is a clear lack or inventory and no shadow inventory in sight.

The partnership aspect is what clears it up for me in that we both will include it on our returns.

It also ties you to one contractor, and if things get tough and you need to fire him it can be a PIA to find another one and get him cleared by the lender.

Let the judge tell him to pay damages.I'd make it clear to the guy what road you're taking and allow him an easy way out or he can choose the hard way.

Hey Jon thanks for clearing that up, my mind struggles with politics/legal that is not black and white....agree, partners financing needs attorney review.

After they saw the property and did their due diligence, they told me that they wanted to move forward and just had to clear it with their hard money lender.