However, the official IRS instructions tell you to file 1099s anyway. 

In response he said he needed to see the papers.

The seminar is by "Response".

More to come.Julius The owner/property manager will be the ultimate vetter if you will, but we would like to assist them in this process to let them know that we at least made an effort to get responsible renters to them.

Thanks for quick response, and I did not know that I can shop for another lender in next 30 days.....I am very new to all this :(   I am learning that I should have done my homework got the loan approved before putting in an offer. corrections, seller did not accept the offer yet, the seller would accept the offer if I came up with proof that I have the pre-approval( remember I only have 50K in cash)also seller already agreed to pay the closing coast if I can show the proof.  

Great guy, super responsive, very easy to work with.I hope this helps!

thank you for your response

I don't ever suggest you return it to the tenant and force the new owner to get it back because that could be a real mess.As others have said, you should get an estoppel certificate during your inspection phase and then provide clear instructions regarding the transfer of funds and other items so all parties are clear.

am I responsible on the all other liens-mortgages?) 

Thank you for any and all responses!