Since your seller is renting the home they will have the same issues, so you're compounding your potential of legal violations causing the entire arrangement to be tainted.I'd suggest too that you dig deeper in title and the name(s) of your seller as to doing the old finance with a small down, collect payments, foreclose rinse and repeat, illegal practice now, thank God!

that runs through a community bank's contract collection area.  

That way instead of making $0 they can potentially make up to 25% of whatever you collect from your tenant/buyer.

It's a collection of the best flipping info from the site.See you around the site!

Collecting non-cash flowing houses, or weakly cash flowing houses, is a plan for failure.Move on...or make your offer based on what you NEED not what the seller WANTS.  

Details seemed odd to me and decided to bring this area of lending or borrowing up for some discussion.THE REAL SECRETS IN LENDING:There are none as to the functions, documents, processing, underwriting, settlements, administration or collections nor to any legal aspects.

So, if I run a website that collects leads and sells them to agents/brokers, does the require a license?  

The builder may or may not have had problems but neighbors may have raised heck or collectively made an offer purchasing an interest in specific lots to "protect" the homeowner's property values.A trick of builder developers is to build nicer homes first, then infill latter with cheaper homes allowing the nicer home to influence price, they also add commercial later on as either depresses value of the nicer home built first.

As a result, he winds up doing quite well on the rent he collects from the tenants. 

Those values are for collecting taxes, not buying and selling.