I describe my strategy in more detail here http://www.biggerpockets.com/renewsblog/2014/02/09/paid-off-rental-property/ The reason I pay off properties instead of buy new ones with cash is I have Arms for all my loans.

I will celebrate when I close.Anyways, my question is I have a self directed account sitting with about 26k in it.

The only difference is I love my job and it gives me great benefits, but we all start dreaming of living off of passive rental income, and other RE investments.

The fear I have of doing a "lease-back" which is what this is, is that the tenants, still feel they are the owners.

I slapped this in the Starting Out section because I feel the people new to real estate would receive the most benefit from a thread like this.To get you started, here are a few I've seen:You don't need an entity for your investments, umbrella insurance is all you need - Right here on Bigger PocketsYou don't need umbrella insurance, all you need is an entity (LLC) - Again, here on bigger pocketsNegative cash flow is ok as long as (I'll stop here because I've seen about 10 "as long as" statements :) - Almost everywhere.Borrow money from a credit card or 401k to fund your real estate - Lots of places (Quick note: In the right circumstances, I don't think this is necessarily bad advice but for the general public, I believe it is).I have lots more but that should get you started.

I don't care for that.Regardless of what kind of option you have to acquire in asset, you can not make any requirement to be made as to performance of the buyer, if there is, is not an option.

Buy hey... you gotta do what you gotta do.The bottom is is that it's a tough call and there are many other variables that would come in to play for me to determine how I'd handle it.

Does anyone know what this form is? I

Second question is, is there some kind of contract that should be used that would declare my wholesale fee, ensure he pays the fee, and allow him to take over my offer to the bank?

My main issue is I don't really know what I need to do for closing.