I have been listening to the BP podcast a lot lately and it has gotten me motivated to make some better use of the equity that is available in this rental (conservatively there is 50k equity), and use it to leverage the purchase of another or couple other houses to get rented out.  

I entered a lease purchase with owners of a property and signed a real estate assignment contract with a 3rd party (who are not the owners) that had installment payments (4 payments $2500 due on the 20th of each month).  

And the part is out 3 weeks......

That is def the way to go and you always want to be conservative.

I think this covers me legally, and that way I don't have to deal with a third party sub-metering company.

If you do buy from wholesalers or private parties, access to cash for a quick close will be intrumental. 

These things happen all the time, and this is why professional contractors pay big money for safety training, third party consulting, and compliance to avoid getting such fines.  

Look at notecollection.com; this will also help the tenant buyer get a mortgage with a third-party verification of payment of rent on time2.

The buyer would potentially provide a down payment (agreed by both parties) and then the seller will hold a promissory note for the difference between the sales price of the property and the down payment provided by the buyer.In essence, the seller then becomes the bank/lender and then must follow all of the same laws that lenders must follow in the event of a default and formal foreclosure proceedings must occur.In regards to the renting of the property.

@Ben Ballinger, my area is also 3 days to update the MLS, once the offer has been officially accepted, meaning all parties have signed the same document.Verbal acceptance is not officially accepted, and therefore the MLS doesn't need to be updated at that time.