If the seller agrees  to offer do I send a purchase and sales agreement  or do I send some other type of document to lock in the agreement  and have the purchase and sales agreement signed at a later date.

The lender is more filling to negotiate on occupied properties because the hardest part of the process is getting the borrower out and at that time there expenses go up because they will change the locks and start maintaining the property.  

If you are 100% certain you are making a life for yourself (15 years+) in SoCal, then buying is a good way to lock-in your cost of living.

., not dropping by anytime)...You could even get economy of scale when you do maintenance--just build a gate (with lock) and run the lawn mower right over both lawns, clean both gutters on the same day, easy commute for turn arounds and showings...Who says you can't pick your neighbors (you potentially could!)...

Doesn't matter if you are worth 20 million they can't come after you unless carve outs are violated.Now a non-recourse lender generally imposes a lock box account with cash sweeps.

You can make sure all the doors are locked but if someone wants in they will find a way.

Locking for a 2yr commitment w an increase of say $50 or a 1yr increase of $75.

Here are the numbers associated with the deal.Purchase price $98,900Current Mortgage $77,140.  20 year 7% variable locked in for 3 years (2 more), then prime +2% Rent $1050Mortgage Payment $615Annual taxes $2441Annual Insurance $1052Estimated market value is $105,000Again any suggestions for the best way to proceed would be appreciated.Thank you!

In 6 or 12 or 36 months when you decide to refinance into a Fannie loan, be aware that private one-off lenders often balk or spaz at the "verification of mortgage" and "payoff demand" requests, which can in turn delay your refinance and/or blow your rate lock. 

An asset manager, that manages bank owned properties won't talk to you unless you are trying to maybe get hired by them to clean houses or change locks?