I have the mailing address in which it is to be sent right in the lease.

Hard to say without an address I guess.

If they choose to address your offer, they will prepare addendums, which will take another 1-3 business days.....so the POS inspection could very well happen within that time frame.

They want to see the correct amount on there and the address of the home your bid was just accepted for.They won't take a general "Mike was just pre-approved for 100k".That being said, most hard money lenders can do that for you.

. :-) Bryan, if you would prefer to email me, my email address is [email protected]!

You might get the $5-10k up front as a down payment but that could be eaten up by these repairs/lost rent.In the long term you might make a few more bucks, but the risk is much higher and you have a downside to potentially have to put cash into it to get rid of it, whereas you know your downside with the wholesale deal is $0 if you don't close it.Also with the new Dodd-Frank rules in effect, make sure you understand how those might affect lease options before you jump into one - there are many well researched threads on BP addressing DF right now .

Several things to address.

If sold on an installment sale, the balance of the purchase price ($57K if sold at $92) will be taxed only when received at the long term capital gains tax rate in effect for the tax year in which installments are received.

There are a number of issues that need to be addressed.

After a brief back and forth between the seller's and HOA's lawyers, we got a letter stating that we the seller can sell the unit as a rental unit.The exact language states that "the board approves the request of the homeowners to sell the above referenced unit to be used as a rental unit".Now I am not a lawyer, but to me that is clear as mud.Should I expect the HOA to write a letter addressed to us stating that we can rent the unit and when we sell, our buyer can also rent the unit?