You can also legitimately say you are a wholesaler, rather than someone who wants to be a wholesaler.

A good Wholesaler will find the deals that nobody else does and if you are a serious buyer you can snatch up their deals without the competition your going to find when making offers on REO's.If you looking for lots of deals you'll want to make offers on REO's as well as dealing with all of the legitimate Wholesalers in your area.

Something else to consider is that if they do have a legitimate lease that was signed before the foreclosure process started, they may be covered by the "Protecting Tenants at Foreclosure Act".

Attached is a link.http://robinson.gsu.edu/realestate/programs/grad/mba.htmlGeorgia State is a legitimate college in Atlanta, Georgia.

I have been trying to find a legitimate private lender to fund an owner occupied REO.

Did anyone here legitimately start on a shoe string and have major success?

From the seller's perspective, the MD contract looks legitimate, it's standard procedure, and the seller doesn't have to worry that you drafted a shady contract of your own with "fine print" or weird clauses that could be dangerous for them to sign.5.

It would seem that without boots on the ground to estimate rehab costs, one of two things will happen...you'll either underestimate rehab and local investors will think you foolish and unable to offer then legitimate deals....or......you can be conservative and assume every property is almost a full gut, and snag a killer deal every once in awhile, and leave lots of money on the table with properties that didn't work for your conservative analysis.There are lots of ways to look at it, but if you have the ability to do the market research and get good mailing lists, why NOT mail to some high equity owners assuming the place is trashed and see who bites?  

I hope you were able to find legitimate funding!

Two legitimate uses of the FHA loan in my book...again, unless I'm missing something!