AS to why you need that long, inspections, partners approvals, more inspections, this IS an investment, you need proper time to inspect.As far as the assignment fee, you get that after closing, though part of your assignment fee can be charged before to the seller as their non refundable earnest money deposit.

And if I am doing a deal that requires money down, wouldn't I just have to use an earnest money deposit?

The iFlip system along with his "Fast Cash with Foreclosures" system run about $1,000, but it's like a deposit.

I know there are some area here that you can make much more than that but I rather have a place that I know it will not depreciate much and at least it will hold a value when I want to sell it in 10 or 20 years from now and have better tenants.Anyway, I originally offered him at $37,500(ROI @10.56%) but we have agreed on price at $42500 with no contingency except the inspection contingency but he wants all of November rent( I plan to close on or before November 15, 2013) and he doesn’t want to give me back security deposit ($600).

Gary, not only would you need lease terms, but the money for the agreed period (ie. 90 days), needs to be withheld from escrow at closing, along with a security deposit, and given to you at closing, period.

Can we up rent/deposit legally on those people?

Hopefully that's a lesson learned about not getting a security deposit from them.

I might work a deal with the brother for a moving truck and deposit on an apartment to get the heck out.

The 3rd party CPA could accept rent payments and make deposits for a very small fee, which would remove one of the opportunities for any misappropriation.I don't think you have found a smoking gun, but I do think that it would be wise to ask some questions and learn more about what is involved in what your cousin is doing.

He's willing to pay first and last month rent as well as a damage deposit equal to a months rent up front.