I posted this in the pro area since not much is happening as well as to make the non-pro members pissed they can't read the content :DI've got a home on a Street where I'm currently showing & just found out that two houses down had the door broken in by the FBI and the owner is in now in jail (supposedly the biggest distributor in the county).

He was suppose to provide internet, working washer dryer, etc...which he never did.

and wells is supposedly the buyer behind most homepath investor loans, even if you're applying through a different bank/broker...

I suppose he simply had no desire to deal with the situation and, rather than telling me this, he stated the property required no clean up.As I live in SF, and this property is in Arizona, I had no easy way to check up on his story, and simply assumed he was telling the truth.

Was suppose to be a flip, but something happened and had to keep it.

I invest in commercial and multifamily.Number one mistake I see is sellers using "lease purchase" and "lease option" interchangeably.Lease purchase is generally a security deposit (down payment) on the property for a buyer to perform by a specific period in time or they are in default.The security deposit can create a beneficial interest in the property.The security deposit is supposed to not be spent and held in an escrow account until purchase.Lease option is where an option fee is paid by the buyer for the option to purchase by a specific date.Most times the option fee is non-refundable and usually the owner lease optioning can spend the money at will instead of holding like a security deposit.Buyers like lease options because the want to know they have an out.The reality is options are great for the seller because if the buyer doesn't perform and you get them out you can option again and again.Only a small percentage of buyers in options and leases ever end up purchasing.For that reason I like option money better.Kind of like repoing a car and keep getting a down payment each time.

Supposedly its to give owner occupants an opportunity to purchase a home without having to compete with investors.

Unless you are extremely careful with running an LLC it's not all that hard for a good attorney to pierce the wall that's supposed to shield your personal assets.

Or just check on it when their work is suppose to be done?

I suppose I should use a title company so that I can do a double closing rather swiftly instead of waiting a few days.