All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

We will market to Notice of Defaults Pre-foreclosures (NODs), For sale by owners (FSBO), For Rent By Owners (FRBO), Expired Listings, Free and Clear, Center of influence, Probate, Divorces, Bankruptcy and vacant land in need of repair.We will obtain these leads by searching public records for Milwaukee County, as well as from our relationships that we’ve created through our networking amongst other Real Estate Investors and professionals.

I got a call a few days ago from my realtor saying that within the past couple days they had the sheriff's sale on it, the bank went into the house, saw that it was no longer occupied by the people anymore, declared it abandoned and it immediately went into foreclosure basically killing any chance of me buying the house.

Lying on personal declaration forms5. 

I had one buyer of a short sale listing have to declare they were not related to the seller.

The sellers are or were in bankruptcy and a payoff statement can be contrued as collections activity.

Just found this thread.I have used and closed many transactions using a simple land trust.You will need the following:Trust certification - I can send you a sample of this.Trust Declaration - which is basically the legal stuff for the trust, similar to an operating agreement for a corporation/LLC - I can not give you mine as it contains proprietary info and I am not allowed to share it, however, any competant RE ttorney should already have one or could easily draft one.Notice of Termination of Trustee - I can send you a sampleTermination of Trustee - I can send you a sampleSuccessor Trustee Acceptance - I can provide sampleSuccessor Trustee Letter - I can provide sampleI would recommend you use someone you trust to be your trustee (after all, "trustee" does have the word "trust" in it!)

I don't see how the tenant would be gaining anything by giving the landlord a 1099 for the deposit owed @Joe Gore - the landlord would be reporting that as income already if properly declaring all income.

Ryan,The US Bankruptcy court has concluded that an unexercised option contract has no equitable interest in the property.

If foreclosure is required it may be as quick as say 45 days sooner in some instances, or it could take a year if the buyer goes to bankruptcy.