I would get a coach to learn sub2, wraps, lease purchase, tics, joint ventures, private first mortgages and other tools.

I have been at another forum writing about "creative financing" at the Creative Financing Forum.Here is the intro:It is the spring and I thought I would give a primer on "creative financing" for the BP community.I will break it up into Beginner and Advanced.I will talk about well known and not so well known strategies.Beginner strategies includes bank financing, hard money and private lender financing, as well as installment sales, land contracts, lease options to buy-control, sub2, land trusts, option to purchase flipping, sale and purchase contract flipping, wrap around mortgage-AITD purchases, self-directed IRAs, Joint Venture Partnerships w LLCs, and others.Advanced strategies include JVs with Sellers, pooling private funds, syndications and more.Lastly some legal issues regarding Dodd Frank, CFPB regulation, illegal flipping, and other issues.I will visit this post page every day for as long as it takes to go over these creative financing strategy issues.Brian link = https://www.biggerpockets.com/forums/50/topics/438...RE Lease Options, I'll post here: Buying on Lease w Option, Selling on Lease w OptionLease Option Assignments (aka Wholesaling Lease Options or Cooperative Lease Options), Sandwich Lease Options, Splitting Equity Lease Purchase, Delayed Sale and Purchase Agreements,Using ROFRs or Right of First Refusals with Leases, Master Lease Options on Small Apartment Buildings, and more.Also I will talk about - regulatory and legal issues such as the CFPB and Dodd Frank, - liability of acting without a real estate sales license, - problems with asking the tenant to do maintenance and repairs, - and more.I will post to this thread every day until these subjects are covered.

I differ with @Michael SeekerRemember WHO asks for the pre-approval letter - - it's the BUYER, not the lender and that's to assure the buyer that the offer is genuine and not from a lookie-loo.The pre-approval letter will drive the lenders loan approval and underwriting process to produce a specific approval:we will grant a loan on xyz property not to exceed $yyk dollars with a COE on or before mm/yywith a GSI and NOI as represented by the displays from the existing owner.Offers submitted with the PAL and POF for the downpayment certainly get the sellers attention and I never accept an offer without both. 

Follow landlord tenant law.If you are giving an option to someone that is living in a property as a tenant, and said tenant is improving the property with their funds, I would have something in the paperwork that says if they can not find permanent bank financing their cost of materials will be refunded.You could have a court problem.Maybe a Joint Venture agreement might be better with a lease. 

Is this a typical joint venture?

Everyone there seems honest and genuinely try to help one another.

This is my second 1031 exchange, however this one is unique.I have a contract to sell a property to a City and I want to enter into a 1031 sale.Since my buyer is a city/town with a town counsel and funding options that also include a joint funding with the county, my sales contract has a wide range of closing date: from now until the end of September.  

My investors get a whole lot better rate than 3.25% when we do Joint Subject To.

To do this, could I open up a joint checking account (and savings for the deposit) at my/ his bank and then deposit the rent checks on his behalf?

The property has a established pizza joint (I went there the other day. the pizza is okay) right on Main st and one apt upstairs.