The Quick and Dirty of Wholesaling Lease Options…Here are the basic steps:1) Find a motivated seller who wants to sell their house on a Lease Option…2) Get the property under an “Option To Lease Option” contract…3) Find a qualified tenant-buyer who has a good down payment and a good chance to get a mortgage in 6-12 months…4) Sign the Lease Option paperwork with the Tenant-Buyer…5) Assign the Lease Option docs back to the seller…6) Keep the Option Consideration / Deposit and give the Seller the first month’s rent…7) Put the Tenant-Buyer in a credit repair program with your mortgage broker…8 ) Deposit your money & move on to the deal!

When you're making an MLS offer it's most often essentially a nameless faceless type of situation. 

@Steve Babiak In a sfr it is legal to essentially overload the system, with assumptions about usage allowing it.

step by step on what paperwork do you need to present to an investor.

That mortgage insurance is essentially money that is not being used to pay down your mortgage.

You'll want to find out from a lawyer or local investor what paperwork is standard in your local area.http://www.biggerpockets.com/forums/48/topics/104807-joint-venture-strategy-advice

I have been working with more and more investors lately and would love to be able to point them towards something that teaches them how to do the research rather than just burying myself in paperwork for the day.Thanks in advance for your informed opinions!

Try and get a face to face appointment with the seller to sign paperwork and lock down the deal - if you're already happy with the $56k, then worst case you sign for that price and move forward.

Should I take the plunge and invest in a non-primary residence property and essentially learn through trial by fire?

@Eric Johnson  three out of four times, getting these Fannie Mae backed loans has required the most paperwork ever.