With respect to a wholesale transaction, I understand that it only makes sense to contract to buy properties which have enough equity for an end buyer.

Would the new NY law apply to this transaction considering I'm not an investor, and this house will be my primary residence?

From a financing standpoint, you will either need to consider consecutive closes (two transactions) or a blanket loan (one transaction)...If you go with the latter, expect some difficulties (blanket loans are traditionally offered by commercial lenders that don't, for the most part, lend on residential properties).

What forms and/or contracts do I need to complete the transaction?

Property Value: 325kCurrent Liens: 325kNew 1st Mtg: 308,750 (SISA 95%ltv) The need is for the other 5% and settlement cost to complete the R/T transaction.

You will not find a NOO commercial loan program that would allow for the down payment arrangement you are seeking (less then 2%)...If this was a OO transaction---you could potential go 97...If you have seller participation---you could potentially go to 95...Regards,Scott Miller

Transaction costs on real estate are so huge you need 10% appreciation just to break even.

In Ohio to be a Broker first you have to be an agent for at least 2 years and have 25 transactions then take the brokers classes then pass the broker test.Normally people just use a Realtor that they can work with and communicate well with.

Now that I've just completed my first investment real estate transaction I'm much more comfortable in doing it again in the future.

I've read in one of my real estate investment book (Investing in Duplexes, Triplexs & Quads by Larry Loftis) that we as the buyer should have a buyer's agent just so that we can ask the agent to split half of what he gets from the transaction (50% of the 2.5% selling side commission he gets).