Again, it is a gray area) you perform renovations or even just cosmetic fixes on these houses that you buy and later resell and/or a substantial percentage of your income came from flipping, well then chances are that they'll determine that you ARE in the flipping business and you can kiss goodbye any dreams of only paying long term capital gains rates on the profits for any flip homes held for more than a year!

This would eliminate any chance of losing all your money to fines, fees, and taxes.

Hope to see you at the meetup next week, since I didn't get a chance to talk to you at the last one!

For example, only recently there is some development in mandatory licenses for realtors, but the quality and chances on enforcement are questionable and it is to be feared that it will be far from corruption-proof. 

@Robert Murphy I did some google searches for "Connecticut residential purchase contract" and found some - but they were revised in 2009 - chances are there are more updated one.Yes, you can make offers on your own... but why?  

Chances are the lead issue has already been addressed.

So here are my burning questions if anyone can help me because I'm in love with this house but I've read all these horrible stories about nation-star and homesearch being a bad company and misleading people with paperwork not correct or incomplete or not disclosing all the details up front and asking for all this money and then when folks have a chance to read the paperwork they get after the auction they want to back out because the title wasn't cleared or whatever the case may be.

I do agree with offering to give him like $500-1,000 after you sell it if you do good with the project.Unfortunately there is always the chance that he might resent the fact you made a lot of money on it and will forget that you had to take ALL the risk and financial burden because he wasn't willing to do that.  

Just will tell you that you will have no chance of having a traditional bank giving you an 80% loan with a 20% seller 2nd.  

You've got a better chance of stable, long-term tenants and you have a better shot at self-managing.