Eric, sorry I don't have any stories of getting ripped off as a lender.....none....notta, not that some didn't try.Any time someone came in (mostly commercial deals) as if they had just found the best thing since sliced bread and were overly ecited, I get leary quickly, over-selling a deal is just a tip off that I'm not getting the true picture.The concept of dual control of adminstrative functions is a good way to limit issues.

(that is an exaggerated example but you get the point)The other concept here.

You are "released from the contract" for a fee and it's setup using a separate agreement....Ah, as Bill Gulley has stated here before, nothing really new being presented; I have a number of posts here on BP mentioning "conditional release" from a contract - and I will not claim to have invented that concept!

Joe : now that I read through your thread I understand the concept better. would this be available for non recourse loan to use in a qualified plan?

This seems like a similar concept in that you need some time/due diligence/patience and need to build a network.

I'm not familiar with the concept of wholesaling but it does seem like a investment stragedy for someone like me who has no income to purchase a property.

Antonio, the concept of wholesaling is simple that doesn't mean it is easy.

My understanding of the concept is to identify a motivated seller with a nice property with a good loan with little to no equity.

You would want to make sure you have controls in place to definitively keep each of the assets and liabilities separate for each underlying entity.Another concept you might think of is actually opening the company as a legal entity with your desired name and then turn that company into the parent company and manager of all of subsidiary companies consolidating up into the parent.

Third, would be the ARV of the completed home.No matter how strongly your broker believes he has a fiduciary responsibility to you (a laughably naïve concept in my view) it’s up to you to know your exit strategies once you own the note.