Mortgages have rules, those rules are backed up by regulations, those regulations are covered under laws and violating any rule can result in big problems

Looks like they used whatever they could find to cover the windows & doors (including old wooden doors!).

I would have still put in on the market, letting your contact know that the "recommendation" would have first rights if they got their stuff in and all checked out. meanwhile you could have lined up prospects, and "when" that 1st one feel through, you'd have a backup plan.It's great to help others, but always cover your own interests first-no one else will.

I doubt they would cover the issue.

My issue with the property is that I have heard stories about wholesalers not covering their end and taking the owners word that he doesnt owe anything in taxes and violations and once its under contract it turns out that they do.

Some might ask you to bump your offer up to cover agent commission (which means you are really paying for it in a round about way).

. – An option contract for the purchase of property that includes or is combined with, or is executed in conjunction with, a covered lease agreement.?

Each member would contribute $15K($45K total) to the LLC to cover the 20-25% down payment that would be needed for the complete project plus some additional cushion for future debt service.

I dont have a 401k or pension or anything due to this business, so I'm going to build up a rental portfolio to cover long term retirement costs.

ARV: $480,000Max % of ARV 70%Repairs: $64,064Closing Costs: 2% (covered by seller)Holding Costs: $1500no other expensesAssignment fee: $15,000Max Offer: $250,027Profit: $229,973