Same thing with the HELOC.If you don’t repay the lender (default on the loan) then they have first lien position and can take possession of the property.  

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.

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.

I knew i wanted my writ of possession so I ASKED IF I WAS getting it.  

As to the 90 days, I would seel on a contract, give possession with rent, allow the buyer to move in, have sufficient down in escrow and close after 90 days.You can sell for more, showing the costs of materials and improvements.

I would take possession of property and pay them directly.  

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!

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

Shortly after taking possession of the building, I increased the rents.

Always verify the utilities are out of your name before giving possession of the property - I have made this mistake before too.If they will not immediately pay you for the utilities and get settled up, I would strongly consider beginning an eviction.