An investor looking to create transactions below market value (known as wholesale) will have to use his knowledge, his cunning, his negotiating skills, personality and alternative financing techniques (also know as creative financing) to make the deal work.To FLIP properties for a profit could also be known as making a short term profit by controlling real estate below market value (wholesale).Some tips:Make offers often subject to assignment and public auction (sold as is all cash)Using "bank days" (gives you more time to find an assignee)Build in an automatic extension (so that you do not have to ask for it when you need it)Always ask for Contract Candy in your offer (seller incentives; all the furniture, cash back etc)Use hybrid offers (limited partnership with the seller)Get right of possession (so you can show the property, clean it up a little, prep for auction sale)Multiply your offers (have agents make offers on your behalf on expired listings, no need to look at them, offer 25% below the expired listed price, subject to inspection.

I've yet to find a Ferrari left in the garage although the home across the street left a Maserati (begore they they were good again), Point is, rarely is there anything worth messing with.My objective is to relocate so as there is no reason for former tenant to return to the property and risk a dramatic scene or an attempt at re-possession.

We took possession of our first property Jan 1, rented it back to the owners for half a month then spent 3 solid weeks renovating the house into a 3up 2 down 2 suite house.We have a property manager, who was able to get the basement rented, but seems to be having a harder time renting the top.

However i am not overly concerned about my living situation: i have a backpack's worth of possessions, and the past 3 years have been a mix of staying at my (now ex) girlfriend's, either parents, or even my car!

What you expect Seller to do before settlement, 5 Possession terms, 6.

Then you have a closing date which is the date you take possession of the property.

If she always pays on the 5th, she probably sent the letter on the 5th,  so whatever date is on the letter shows when it left her possession and I'd assume that to be when you can charge the late fee, not when you receive it, just my opinion-- but again-- don't do checks! 

As there is no equity, they are very likely to do that.You may need to explore further options if he filed Chapter 13.Either way make sure you pursue your options to collect as much as you can from the court, although with a Chapter 7, that's likely to be near zero.With possession, you can start collecting rent.

That said some creative stuff would be not just owner financing but a delayed settlement or a delayed settlement with immediate possession, a master lease option, a plain option to buy or some combination of these techniques. 

Have your pre-approval or proof-of-funds dialed in and never leave home without a blank check in your possession.