Ask the Recorder of Deeds.I suggest you get to an attorney, do a standard lease, a separate straight option agreement, both could be assigned with owner's consent not being unreasonably withheld, get a power of attorney to do repairs or a construction contract would be better, you as a tenant probably can't pull permits.

If you come in all cash, you can even pick-up homes at a discount and make an instant (paper) return on your investment.

I would then tell the new tenant that he can have a $10 per day discount until the stuff is gone.

If it's bad, then @Gerald Harris nailed it -- deep discount.

I try to keep the property occupied now even if the tenant has prior evictions and I discount the rent (650/mo for a property that should rent for 900/mo or more). 

Now he just collects a check every month and gets a rather steep discount on ground beef. 

@Matthew Martin others can answer more in depth, but one possible problem is that when you are getting a discount it's usually because the property is distressed, and many banks will not loan on a distressed property.

It is likely that you will find agents in your market who are knowledgeable and can help your reach your investment goals while offering discounted commissions if you do multiple deals per year.Realtors are no different than plumbers/electricians/HVAC/etc - all cheaper to buy the service of than becoming licensed to do.

I'm a new member to BiggerPockets straight from Southern California. 

I am evaluating a prospective build of a custom home.My wife and I purchased a tear-down for a rather deep discount to the market value.