They discuss Dodd Frank there.http://www.biggerpockets.com/show70Even if Dodd Frank does require that you qualify the buyer (which it may not if you're doing small, infrequent financing deals, like it sounds you are), if you don't want too much risk, I'd strongly advise that you not through all the qualification guidelines out the window.Good luck - I'd be interested to know what happens with this deal if you can get it done.

Big mulit and commercial deals multi millions etc  yes... but even then they work with the title company and the escrow officer handles most of the duties Attorney may draft the note or Deed  and review.Maybe some of the CA investors can weight in and advise who they use for escrow closings. 

I strongly advise that you build out a complete and sound financial model before doing any deal.To answer your specific questions:It is impossible to say based on only the provided information whether you would qualify.

Any and all advise would be greatly appreciated!

I would not advise doing this as you could get stuck.

Please advise.

RE Attorney, CPA, RE Tax Specialist, Wealth Adviser, other RE Investor...?

@Shawn Holsapple Thanks for the advise.  

Talking to an agent in the area, however, she stated that the current ratios are much lower, an example she gave me barely meets 1%, something I would be able to get with a turnkey provider anyway (although it's probably the area I'm paying a premium for).Could Houston investors advise what kind of return ratio I should be aiming for in today's market?

I am have been advising my clients to stay away from them.Family Dollar had gotten away from only one dollar items to sell and was mixing in high priced items which started reducing their profit margins.