He said that there is a legal theory that the offer itself is a thing of value and could - if it went to court - be interpreted as fulfilling the requirement for consideration.Many people think earnest money is an essential element of a real estate contract. 

If you are building new, you will need to typically jump through a few hoops depending on the unit count.  

Otherwise, for private money, you would typically go to your circle of family/friends and start trying to structure deals that work.

Also, for a subject 2, once the mortgage is paid off typically what happens?

Otherwise from your experience what is the vacancy rates and management fee that is typically charged?

 $50 a month in management seems a bit low.  10% a month is a great deal and the market is typically above 10% unless you have a portfolio with the management co.      

The administrator has all the power, except that reserved by the court in your example, as they are appointed without what is called in my state "non-intervention powers".Typically in either case baring some other kind of limitation not referenced, the admin should have full authority to accept an offer before the auction, he would then just have to settle whatever contract he made with the auctioneer.I dealt with auctioneers that were both real estate agents and not, so the agreement we usually had was if we sell the property before the auction we had to use him as our sellers agent and he would take his REA commission, rather than the auctioneer commission. 

(Sorry, but I have to disagree with Dennis) contractors I've brought with typically don't go on a roof, attic, etc during a showing (as an agent I thank god for that!)

Yes, there are instances where a loan may be assumed but I am unaware of any change that allows us to use our benefit for an investment property.If you are on active duty the UCMJ is going to be much more harsh that the typical slap on the wrist civilians get for what is essentially bank fraud.     

Typical is to have the building under contract and past physical DD, just to avoid the cost/time of setting up the LLC and operating agreement.