Each state has its own laws about being a loan broker.In Texas where I live, you need a license for retail but notfor commercial.In Montana you need no license for either.In California.... whoaaaa Nelly!!!

There are contracts that you can get on the internet, but the simple fact is that some states have specific laws that you might need to follow.

You will need to research a law called "FIRPTA".

There is indeed a law in many states against doing what you are proposing.

Every state has different foreclosure laws.

Depending on your state law, that amount could be as little as $10-20.Then, once you secure or control the house with your option you want to sell that house as fast as you can so you can get to your fat 5-figure pay check.

When it comes to money and work I just don't think people can work it out with each other.However, I have never used a strictly financial backer before, someone just providing the money.

My Bro-in-Law was President of Loomis Properties in Santa Ana CA for years and they did some management of various properties.

Here in Texas they changed the law in Jan 2011 to state that appraisers cannot chuck out comps because they are foreclosures (which they were doing).2.

[actually this specific case may not be the best example b/c according to case law in Massachusetts, negligence with safety and locks tends to solicit particularly harsh penalties from the judges, but you get the point.]The difference between this protection and that offered by having the LLC own the property is that this protection may shield you from liability that you can show was "property management-related" if the LLC is clearly a property management company.