Add to that old, leaky windows, humid basements, crawl spaces, leaky roofs, and you have elevated humidity in a food-rich environment, where mold is concerned. 

KevinLet me give you food for thought.  

The new note holder has the payment stream from the note and the right to foreclose on the property should the buyer fail to comply with the note. 

I do like your humor Daniel.Buying a $600K++ SFH for cash flow............Just kidding you..........buy funny.Let me give you some serious food for thought:When you purchase average properties in average con­dition, you can expect to pay average price and get average terms.

It was as if you wished your property never went up in value in Texas as this only can eat up cash flow for buy and holders.

While the Deed holder is holding a portion of the down payment (however negotiated), it is still just a portion of what a potential lender will demand to obtain said property at $1M.

The sales price is the price the seller has agreed to accept.Subject to: Should that be the name of the mortgage holder with the amount of the mortgage?

Owes balance is $50,000This will be my first investment flip.As the 1st lien holder of a property like this: should I short sale it or foreclosure on it?

That could barely bring food at the table.

After food and labor is added in the numbers get pretty tight.