While searching I came across a house that does not fit my criteria but is still a great deal.I don't flip houses, I'm a buy and hold investor, and I just want to get in and out and make my money quick when dealing with a property that doesn't fit my criteria.

They lender makes the owner sign the check, send it to them and then they hold the money and use it ONLY to pay for work on the property.If the property is free and clear then checks will go to the owner. 

In the meantime, I end up with tenants that don't pay, they trash the place because the PM co wont inspect regularly, and then ultimately get evicted or leave, holding me with unpaid rent I will never see again.  

I'm more interested in the buy and hold, or if the market trends well take advantage of the 1031 exchange.

There are deals on the mls and with wholesalers so if you're looking for a flip, I'd hold off locking up capital for 18 months.  

You would have to work with the financial institution that holds the loan for the property to do so, but it can be done.   

., so far below fair market price at retail that the repairs can be covered as well as your profit and the flipper's profit in its eventual retail sale -- or 'buy-and-hold-to-rent-out'er's profit before they would expect to get it rented -- plus the title search, closing, and any tax costs related to your purchase from the seller (usually split somehow) - and finally, the title search, closing, and any tax cost split with whoever buys it from you.Now, that someone could be you (you do trust you and your repair-estimate abilities, don't you?)

Just hold the lot for X amount pay the 1-2k taxes on it and then sell it later and let someone develop it lol.

Most of my properties are in San Diego and I have always been a buy and hold investor.  

We are looking more at buy and hold.