This clause gives me the "option" to back out and I won't risk loosing my $500.As for my buyers; I ALWAYS collect EM from them.

I would think if you own the property free & clear it would be easier for them to foreclose to collect their lien even if it wasn't in a super-lien state as they don't even have a first mortgage to worry about, although not a lawyer so don't know for sure.

btw, love the pic of Bernanke, wish that guy was thrown in prison for the damage he's done to our economy.Regarding this tenant, I am always collecting proof, and have tons of it.

Mostly these are low or nothing down deals with owner carry back financing, any third party lender will demand title insurance and closing by a title or escrow office.As a practical matter, there are title companies that will do back to back deals, so that you would need no cash to close your middle position.

From what I've been told, you can only get massive results from taking massive action and to be successful, one must develop the correct habits of practicing the right actions consistently over a long period of time.

Now realize I don't really know about building practices in your area.

I think working hard as a realtor while cleaning up that credit would be the most practical path to Real estate investing.

To force change an amortization on a distressed loan from 30 years (or what ever is remaining) down to 12 months is not going to be a solid practice idea.

It does happen in practice!

Any advice or good practice to do in these cases other than a strong inspection contingency?