I am looking for advice to help negotiate with the builder during an option period that allows me to cancel the contract at a minimal cost.

Assuming a mortgage is not a Sub2.Sub2 or taking title subject-to refers to taking over legal title to the property subject to the current financing, encumbrances, liens, etc.If the prior owner is now a leasee, hopefully you structured that well and setup and fund a new tenancy as soon as title transfers over to you so that the rights and duties of both parties were clearly laid out.If they arent in a contract any more you can give them a notice to vacate and the proper time to leave depending the local tenant landlord laws in your area.

On the trust contract itself, it states "once filed, the trustee is not longer Attorney John Doe, and 100 percent ownership/trustee becomes John Myself"The problem lies with the bank, as they require my personal name on the publicly recorded deed.

If you can get a DIL and the value is there, the BPO checks out, and your at a great enough spread and have $5k into it, I would consider owner financing it to someone like an investor or maybe a land contract if available, with enough down to cover your cost.Then you have your money back and their payments are gravy. 

I have the opportunity to put a small portfolio of 7 units (a fourplex and 3 houses) under contract in a small town (Red Oak, IA) which is about 45 minutes outside of Omaha.

The way the contract is currently written by listing agent is the seller wants me to take possession and close 29 June yet the seller is to collect the last 30 days of rent which would be July's rent assuming a 30 days to vacate notice is used. 3.

My situation is this...I have a house under contract that nets me about 25k and leaves the investor plenty of room at around 46k net after a 30k rehab. 

I thought I knew the numbers, thought I was smart, but please fellow BP readers help me understand and teach me why people seem to be paying these prices. 

A little about me is that I'm new to investing but have years of experience in the commercial general contracting world which is what I currently do full time in D.C.

However, SC is an attorney state and we got our first piece of vacant land under contract.