One problem I can think of is, if you owner finance for 3 years for 500K and the property is now worth 400K, good luck refinancing.It sounds like you need to buy at 70% below market value in order for owner financing to work.I think this is more a 'market problem' that is unavoidable regardless of your financing method.

The seller sold a house they had trouble selling and the buyer of your option and the house instantly gets $50,000 of equity from the house and of course you made your $50,000.In conclusion, as you can clearly see using the Lease Option and Option methods are creative ways that A Real Estate Investor or Entrepreneur can use to easily make money in real estate.

How can I go from not claiming allowable depreciation on a rentalproperty to claiming allowable depreciation without creating anunauthorized change to my accounting method.

What methods can anyone suggest for getting insulation in the walls without tearing them down?

It may not be FL specific but may help you begin knowing what questions you need to ask a FL state atty to get more of the answers you need.I dug up the thread which actually was started by Ken who posted above.http://www.biggerpockets.com/forums/30/topics/105344-lonnie-deals---then-and-now---the-original-method-wont-work

There are a couple of threads about Michigan laws (closing requirements / restrictions, etc) and I'm curious if you've been successful with any "traditional" wholesaling methods.

Choose methods that you can sustain for a while, that you think will work in your area (internet, bandit signs, direct mail, etc) and then adjust based on your results.

The best chance at finding a tenant for this property is the old "sign in the yard" - which is also the most time consuming method.

For a detailed, step by step method to rent your house out (and especially applicable since I wrote it and I'm located down in Montesano, so it fits for Washington rentals) check out the most popular BiggerPockets Blog article I've ever written: How to Rent Your HouseLet me know if you have any questions.

Here's a quick tutorial showing a "user friendly" way to find this information: http://youtu.be/7ZLHWOsIUJAIf you're looking for a free way to accomplish the same thing, I know that the method Thomas S. described above works just as well.