On top of what she mentioned, they are going to look for a solid DSCR of 1.25+ on the property performance.

A sale contract sets obligations on both parties to perform, if a seller sold while under contract they could have legal consequences as the sale is between those two parties.If you do a sub-to, title passes so the owner can't sell again.A first right of refusal can be used as well and actually tie up a property better than an option contract.Need to study the types of interests held by owners and tenants and conveyances of those rights and these matters will become more clear.

@Tony Gatto I would love to hear how this all went down since you had some very detailed instructions on this post and another one I read from @Bill Gulley I'm headed to my first contract assignment in March and could use the confidence boost.

Give yourself a little time to see how your first purchase is REALLY performing.

Once you have a few deals under your belt and know your market, you will know how a property should perform and wont need to look at the sellers tax returns anymore.

In that case they are performing ministerial acts.

His credit would give you a boost for buying.

My bad for not knowing the value or finding a broader range of buyers.Bought a non performing note for $5K, property had been abandoned by the borrowers and had squatters living in it.

At minimum, you need a good consultant to perform an asbestos and lead survey BEFORE any work is done, and that includes exploratory demolition.

The renovations I'm interested in are more than "paint & carpets" but will not include additions, foundation work, or other major work (hopefully).Essentially, my strategy is to perform medium-level difficulty work on a 2-4plex with the intention of staying in one unit and renting the others out.