Michael if you don't mind me asking, did the previous owners properly re-zone the SFR to a MFR (3,4plex) or did they simply illegally install power, gas, and water meters, and re-structure without the  permits.  

The ones that do know what wholesaling is are likely to tell you it's illegal (a whole other topic for another time).

This sounds like a difficult task, but the potential is high due to its being adjacent to a beach and nestled between two public parks.

While this still applies in many aspects, now that a loan is to be fully amortized, the Dodd-Frank issues actually make this aspect easier as to the tasks to overcome.No, you certainly don't wholesale take money and step aside with a seller financed contract to be assumed.

Like @William Shaffer said it is a super tenant friendly state and I would almost be surprised if it wasn't illegal.

Ah, An investor writes a note and gives the seller information, presents an seller financed transaction, has the seller agree, seller being uninformed as to any issues and is basically sold on the idea by that buyer, that seller's attorney will be looking at that investor as the facilitator of an illegal transaction, may be more, he's not going to let his client take a total hit based on the conduct of that buyer.Next issue, the SAFE Act uses language of "any person who" originates, processes or makes a mortgage note.

The virtual notary was mentioned for investors who are virtually working deals in other parts of the country and may need virtual support to help them accomplish this task.

You could have forbearance issues and if there is no agreement, you should modify it prior to purchase, you might also have the borrower acknowledge the UPB to ensure everyone is in agreement as the issue comes from the borrower not paying as agreed.The fact that some tenant is whatever is irrelevant, if the borrower is "illegal", consider it a defaulted note at any time.I just addressed the math as that was the question I thought, there are many issues in the evaluation of a note, collateral value, compliance, payment applications and history, the nature of the transaction and the parties involved are all concerns. :)

Regardless of what tool you end up using, this is a more complex task than you might expect.

I agree completely with Account Closed 's sarcastic poke at the Feds: national and global macro economic decisions get made, and as individuals we are tasked with using them (or not) to our benefit.