(Who pays for it is up to you and the seller and most people follow what's normal practice for their area.)

You will need to ask a lawyer licensed to practice in the state where you filed.

Where in the Los Angeles area do you practice?

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

When I started out on here helping newbies get started in wholesaling was a VERY common practice.

My suggestion will take a but more time upfront, but the pay off can be solid if done correctly and keeps you in more direct control.

@Dmitriy Fomichenko is correct you can convert your current IRA to a SD401K, check book controlled trust account and use those funds to invest in real estate, syndications, as well as gold, notes, and tons of other investments.

I was tired of paying rent for my accounting practice and I found a vacant 4-office building with a huge parking lot (parking is a challenge in my town).

Loop net or Redfin is a great place to look for properties to practice analyzing.

Here's some posts I've written to help Bay Area investors like you get the pulse for what's going on in Sacramento:https://www.biggerpockets.com/forums/621/topics/396725-millennial-migration-to-sacramento-2017---here-comes-the-rushhttps://www.biggerpockets.com/forums/621/topics/586279-investing-in-sacramento-or-stockton-which-one-is-betterhttps://www.biggerpockets.com/forums/621/topics/585796-sacramento-rent-control-101-everything-you-need-to-knowhttps://www.biggerpockets.com/forums/621/topics/590913-rent-growth-in-sacramento-is-triple-the-national-averageRegarding Oak Park, here's an article about the gentrification and some of my thoughts on it:https://www.kcet.org/shows/city-rising/the-gentrification-of-sacramentos-oak-park"A new mural rests on the outer red brick wall of Arthur Henry’s Supper Club in the North Oak Park area of Sacramento.