Investors have confidence and balls.

I simply take over the deed/note, start making payments on behalf of the seller and have conditions/exit strategies in place just in case the due on sales clause (DOS) clause is exercised to prevent the original seller from facing a financial crisis if it defaults.

After the end of the lease option the tenant could exercise his option to buy.  

It would be a good exercise and possibly helpful to those who are new.This house is located in Texas and is a 3/2 @ approximately 1,100 sqft.

There are good deals in Memphis in very good areas, but you get low ball offers on then from buyers who cannot closed.

I like the idea of a bigger price and larger monthly rents until the option is exercised but the new Frank Dodd regulations may hinder that.

I think doing this as an exercise is good practice.

Send me a PM, and I'll get the ball rolling.Andrew

(I understand no one can give a clean direct answer but a ball park)I'd like to know where should my funds be in order to apply for a home loan?

I also started marketing more to individuals, but that's a low percentage ball game around here, most people in distress dont have any equity and I dont like to play with the creative stuff as much as I used to.Bottom line is you cant control the competition, you can only control your strategy.