I love converted Victorians, but they need to be either done properly or be priced very, very cheap so we can undertake the needed improvements.

I would like to try to find a cash investor or owner occupant who would be interested in buying it as we currently do not have the time to properly market and manage it.I have talked to my agent (whom I've worked with for years) and she keeps telling me to rent it and doesn't seem interested in listing it.Even though I may not be successful in finding a buyer myself I would at least like to try to give it a shot - maybe even market it for rent and sale simultaneously and see what kinds of feedback I get.

I've been a part of one, where two partners were selling, the one sold to the other, the then 100% owner sold to me & was all recorded at once. it doesn't matter when or where they sign, might be over a weekend and recorded Monday morning at the same time but in proper order.

If you need more assistance, title companies can be a great resource in helping make sure you have the proper documentation.

I agree with Holdman's comment.In my experience banks maximize their sales prices this includes a properly marketed property and a bank ordered BPO or appraisal to verify the price of any offers presented.

He ensured that the house would be covered for the $150K amount if it was burned down and that I would not have to build back a 6 bedroom house in it's place.Does anyone know what I'm getting into and what do I need to do to get properly insured in case of an extreme accident?

Commingling funds and record keeping are the two biggest issue that can pierce the corporate veil, so if you are going to go to the trouble of setting up and LLC, then make sure to properly maintain that arms length relationship.BTW, I also recognize that you could be personally sued in my example, but a correctly structured entity exists solely for that reason and the hope is that you would easily win such a suit.I now feel compelled to say that I'm not a lawyer and this post does not constitute legal advice....

As long as you educate yourself on how to properly wholesale and have literally a few bucks to spend, you can be a wholesaler.The key is finding good deals from motivated buyers that you can get at the right price, and also acquiring cash buyers to sell the properties to.

The HOA's claim, through first right, is superior to yours.Now, before this goes from molehill to mountain, why not simply talk to the bank or agent and tell them that you are willing to extend the closing date so they can properly give the HOA the right of their refusal.

You have entered a great environment for learning how to properly do business as a real estate investor.