Buyers purchase something, the agent plays the role of the cheerleader, and then the new owner fails to turn profit and resells the property at a loss of time/energy/money after 6 months.

From an investors perspective, you just have to account for longer vacancy/resell times.

I want to tie this property up, and do rehabs etc and then resell or rent it out.My question is, how do I make it legal by giving him my payment of $200... then what are my rights?

You can either do a live-in flip (fix it while you live there to resell or refi), house hack (have roomates) or buy a 2-4plex and rent the other units while you live in yours.

The process is a bit more involved than simply buying homes, fixing, then reselling on your own but REI is definitely not a bad option to pursue if you have the funds and the right guidance.

Me and my hubby have gotten into flipping cars, checking out estate sales for anything that may re-sell for a decent profit (mid century still seems to be popular), etc.

Are you going to retail it - buy it, fix it and re-sell it?

It's not hard to explain to a seller that you're not comfortable buying at the agreed upon price but you are capable of possibly reselling it other investors at the price.

I can probably resell the parking lot on the MLS for about $75k minus expenses (it is in a hot area for builders).

He came to me and said it's currently occupied and would make a great clean-up and with "only some minor fix-up and a vacant home we could resell around $100k."