Also, did one land contract where lawyer assured us that if the person walked away or defaulted there would be no legal steps to take recover possession again.

My interest is in the legal side of things...well agreements, title disputes, surveys and the like.Thanks for the forum and opportunity to learn and share!

When renting in areas that attract the wrong type of renters I make it clear that I will be screening all applications, there is a fee and what ever else makes sense and is legal.

Institutional lending is far too restrictive and time consuming, thus my need for an investment partner(s).Here is a description of my immediate need:Area: Aurora, IllinoisSales price: $125,000After repair value: $160-175,000 (CMA's from local agents)Repairs 90-95% completed by sellerClose: Tuesday, August 15 (one week from today)I have been working with an institutional lender on this but am running into "chain of title issues" because it was bought as a foreclosure by the current seller recently.

As long as you disclose the values and what you intend to profit from the transaction, it's perfectly legal to net the difference between $100,000 and the sale price of the home.

Thank you for your feedback,Rye-----Gross Rent Income = 100%Vacanciesvacancies aptsmove in concessionsskips and bad debtsTotal Vacancies = -10%LaundromatTenant ChargesApplication FeesCleaning/Damage/PaintLate/NSF/Legal FeesForfeits/Lease breaksPet/Key/ID feesTotal Other Revenue = + 0.8%Management FeesManager SalaryManager Rent Free UnitLegal FeesAuditing FeesBookkeeping and AccountingManagement Total = 8.2%(All utilities are paid by tenant.

Per the May 2006 Appraisal *** Included: 840 Acres Development Ground- NO Zoning Restrictions!

Now that I think about it isn't he the one that had a long legal battle with Russ Whitney?

You are looking for LEGAL ADVICE.

And with your comment about after closing that certainly raises a red flag for me.Everything is disclosed and legal.