I think the law in Pennsylvania states that if a party makes a counter offer and the other party accepts, you have a contract.

Jay,It'll cost a little bit more but check out Lease Purchase (first check Florida Law, I heard a rumor that there are limits on LP in Florida).

Contact the Attorneys-at-Law who acts as the Trustee or who represents the Lenders for a listing of Pending Foreclosures.

Only agents can attend or participate as there is a security law issue for deals across state lines.

They have a system for pre-foreclosure's. which by law in most states they have to post the potential foreclosure for a certain amount of days before they actually foreclose.

The bank violated the state law by not depositing the funds and then by refusing to turn them over at first.

As an agent, by law or by market practice, you can be required to put a formal indication in all of your advertising that you are an agent.

Beside the "practicing real estate with out a license" you can be charged with bank fraud.

If you are talking about $50K properties where you have close to zero equity the LLC costs would be too high.More practical is to define a level and then create a new entity when you get to that level.

Doing so violates the law.