Hello Jake,Are you wanting to wholesale the property, if so you would need to write them a letter explaining that you would like to purchase the house.

If you wanted to split it 50/50 you can write it up like that .

:PRealtors would get pissed at me if I started writing census tracts on preapproval letters, which is why you do not hear a lot about it. 

I have a friend who is also looking into starting some adult daycare style homes, seems like a rather lucrative idea.

Account Closed Hi and thanks for your tips and I agree with you ...I definitely don't want to screw the seller...not my style and I want to have everything in place to make this transaction smooth.

this actually happened with the obama administration years ago.these are what you are finding, troy. these houses are less than desirable and the bank, well frankly, " has bigger fish to fry". so these houses sit and sit and sit. get run down, and pretty soon, when the bank wakes up and realizes they have thousands of dollars in carrying costs invested in this house, they discover that they will never get anywhere near the amount that they have invested in the house back to them, so they " drop" the house. thats right, they write it off. they stop paying someone to check on it every 2 weeks, they stop paying someone to mow the lawn, etc. and they stop paying the taxes.my advice to you, call and ask the bank if they have " released the lien or mortgage" back to the original owner. some banks will tell you, others will not. then, call the local tax authority. ask how many years ago the last taxes were paid on the house and who paid them. if it was a bank, and they stopped paying the taxes, well, there is your first sign that the bank has dropped the house. they aren't going to keep paying the taxes on a house that they no longer want, are they?

Can you not write something legally into lease agreement terms that states the tenant must vacate a property after 30 days past due?

Street In front is a little too busy and style of the house is different from most.  

@Erick Harbert  you should actually talk with a securities attorney... there are a lot of rules and its much more complicated than just writing an agreement and getting insurance.and putting partners names on deeds is probably not what you want either. 

If there are a couple different styles selling in the area, go with the style that sells faster.