However, after getting laid off I'm unsure I'll be able to have the funds by summertime when he could be ready to sell.So I've been considering a different route.

Karl is correct, education is the most important thing you can do, always.

So for example if you provided a payoff good through 3/31, you included a per diem of $20, and the deal actually closed on 3/30, title was correct in subtracting $20 from the payoff.

If you do choose the Florida route I would make sure that you have a property management company along with some personal friends or family that can act as boots on the ground for you if needed. 

@Ron S. even though CA law says 5 days and full payment needs to be made this can be waved by the bank.. they are not obligated to though as you so correctly point out.basically you need to do these deals outside of escrow you need to know how to do your own quick search and take the title risk.. then you get the seller to sign a grant deed over to you and you go record it.. then you get your funds wired or cashier check couriered to the trustee.that's how we did it.. not enough time to use title company.. that's why its so profitable if done right 98% of your competition simply can't do this  either lack of knowledge or lack of funds or both..

@Denise Thomas am I understanding you correctly that you want the mortgages under your LLC for liability protection? 

I think it is a good plan when starting out and low on cash.That being said all the above comments are correct.

@Jay @Jay HinrichsI’m personally going to go more the JV route if that is a sign of the times.

I would go that route to see if there are some good BRRR houses where you are at or getting into flipping.Good luck!

Also I have on the contract pest control as needed which I never did not have one prior to renting only occasional water bugs and a small issue that was corrected immediately.