I want to get into Land lording.

All banks lend on real estate (homes, buildings, land, etc.).

I know about the land trusts and taking over the house getting the deed as I did it a few times in the late 90's early 00's.

I'm in NW Illinois Chicago-land area.

That is unless you played some land trust games, then it could be trickier.However, if they have constructively abandoned their right to foreclose, it is my understanding, they could still go after the former seller who breeched the contract.Anyway, the path of least resistance is usually better so if your buyer can refinance, do it and just move on.Also, in the future, include verbiage in your contracts when you buy to allow you to seek recovery from the seller when they do something like this later.

Plus it was built in 1991 and is in great shape, with a quick vaccuming and wipe down in the kitchen I could move into it.

Tony, It all depends on the land value of the property.

The building itself is structurally in pretty good shape, its a standard two sided roof structure (i'm not good with the names yet) which a fairly simple layout inside.

But I heard, that if you put the deed not into your name or business name, but in the name of a "Land Trust" that a Federal Law says the Bank can not enforce the "Due On" clause so then you can continue to hold the property until you sell it etc.

Make sure they understand double closings, land contracts etc.