So, you think, "I'll lock up the thermostat".

Putting bottom lip in locking channel.On a related note was going to blow cellulose into the wall cavity on this 60 year old house thru the 3/4" sheathing.

If by wholeslaing, you mean making offers on properties from sellers and getting a locked purchase agreement, then either selling that contract or having another buyer assume it in some fashion (could close on it, then re-sell, etc), then yes, it is 100% legal in all states.There are a few states, Washington I believe is one, that does not allow any person who does not poses a RE license to be paid for "bird dogging, bringing buyer and seller together, etc.

For Fannie, you still can flip for more than 20%, but you must provide evidence of work performed and costs associated with it.One key point missed in the OG post is in order to get a contract locked up on an REO, you must show proof of funds and an approval letter from a transactional funder will most likely not get it done.

You dont need to lock this deal up in order to get inside and look around.

Everything from getting the locks opened (with my preferred locksmiths) to ensuring that the rehab and staging are done on time and pics are ready for the mls.2.

The things that could happen is that you could be found guilty of fraud, your deal can be nullified, you can be fined, going to jail is not something I have seen for this issue, but a judge certianly could lock you up.

Locking in sub 5% money for 30 years is a bargain in my book.An alternative option I'm considering is finding another property where we live (very desirable area with acreage) and take advantage of the low rates.I have a son and daughter in law that would love to live in the area we live in, but they absolutely could not begin to afford it - unless.....

She couldn't just lock him out of the house.

Be cautious of not locking yourself into a short sale contract for too long.The key will be if your are is trending down in value or is starting to go up.If you submit a short sale offer and it takes 5 months to close and values have fallen 8% percent since then your deal isn't as great anymore.This is why I like REO better.