Locally, there are a few companies that acquire distressed properties somehow (I don't know how) and re-assign it on a short-term fincance (46, 60 or 90 days) to the end buyer.

I have found a nice preforclosure but my plan was just to put the property under contract and then assignment to one of my fellow investors.

I got clarification on key words that apply to our situation from an attorney. 1.

i presume that you're using the term "flip" to mean rehab and sell ["flip" used in its correct/original way means assigning aka never owning the actual property just the contract].what i mean is, if you want to rehab and sell a property as an owner-occupant using a 203k - you must live in the property for over one year at least (i think).

I had to double close on them since the banks normally do not allow assignments.

My firm specializes in finding property at 70% of market value or less , and assigning the contract to cash investors.We specialize in short-sales w/ lenders.

They offer a very exciting monthly "Boot Camp" where students each walk away from the weekend with a property that profits them $50,000...or they can just sell the assignment on eBay for a smaller profit.

If you are assigning the property then the seller will atleast know when they look at the HUD1 at closing.

I know the basics such as assignment free, earnest money, address, but what else?

or get an assignment fee of 10-15k.2.