So if I accept this offer, I'd then be in a position where to finaly get out completely, I'd have to find someone willing to buy the contract, but I dont know if the terms they offered are good enough to sell for the $30 clear that I need.

Looking to make my first real estate investment (outside of my primary residence).  

@Sandy Uhlmann I just just purchased my primary home, although a HELOC is a good option, I'm not quite there on equity yet..but thank you.

So a new lender will request the second lien (a) be paid off or (b) subordinate to the new loan causing it to fall into first position.  

I purchased a condo in the expensive LA market for my primary residence.  

It doesn't seem like you're in a position to shop, so just something to keep in mind for future reference.Also, when you're talking about a 30-year fixed loan, if one lender tells you they can do something that several others said they cannot...it's a huge red flag.  

I am in your same position.

I feel that, with a background in art, carpentry, and style and design, I am in a perfect position to begin a career as a home flipper.

Before that, here's some background.I got a W2 position about 10 months ago JUST so I can qualify for an FHA loan.

I recently purchased and moved into my primary residence on a nice quiet street filled with nothing but 3/1s to 3/2 townhouses.