Obviously the higher the credit the better.As to the default issue, you'll want to think like a (smart) bank with respect to underwriting.

I am presented with an opportunity to purchase a wheelchair accessible home from a local bank for $68k.

you guys have very good ideas/questions/suggestions. mark, my agent is very smart and put the clause in the contract that the tenants need to vacate the house by xx date or no closing. the listing agent even told her that the family might have a hard time getting them out of there.ibrahim, that's exactly what my wife said..."

I'm going to bump this thread because my question falls along the lines of the OP's question.Is acquiring property (using my own funds) and then owner-financing them to buyers for a short period of time (ie: 30-year amortization on the note with a 5 year balloon) so that they can later refinance with the bank a smart use of my money?

It's always smart to move away from the heard...

A smart realtor will realize you are not the end (ultimate) buyer because they will try to qualify you.

Buying smart (cheap) is crucial to any strategy but with rehabs you get a good idea of what it costs to do many different trades such as flooring, tile, paint, cabinets, and on and on.

Remember when you made a big smart deal?

Smart realtors should be reaching to any and all wholesalers.

Alton - it's very feasible and often smart.