Is this standard?

If it's an FHA buyer, you're likely out of luck -- the standard FHA addendum will generally allow the buyer an out if the property doesn't appraise.

If the investor files personal bankruptcy they may not have full access to their assets until the bankruptcy plan is completed.

I am thinking of letting the one originally tied up with the RE agent go but filing a memorandum of contact with the county clerk and recorders office tomorrow morning on the other property that had nothing to do with the agent and enforce the contract.

Pretty standard deal.Okay, maybe he should find another trustee, sue the buyer and take the property back (and pocket the 10k down payment).

“Standard Purchase and Sale Agreement“?

Ebere,I must distinctly disagree with you as IRS rules and regulations state that all expenses in preparing the property for rental activity(defined as listing for rent or actually renting which ever comes first) are added to basis.He inherited the tenants when he filed for the deed of a home in which as he stated the intent was to flip.

A purchase agreement: my question is do I use a standard purchase agreement or a special one for owner financing and where is the best place to get it for free online or other?

Yeah, you are most likely going to have to go outside of the standard residential mortgage that gets sold on the secondary market because not only is it much tougher to get a loan after you already have 4, but there is no way around the income problem because that is part of the standard documentation.What you need to find is a bank that is going to keep the mortgage on their book or go the commercial route because they can then add back in the interest and depreciation that is skewing your numbers.

I'm just getting involved in the market and don't agree with the typical terms, but in Orlando here is the standard:1) $2,000 deposit2) Non-refundable3) No inspection periodSo, as you can see, you really have to do your due diligence and know your stuff when dealing with wholesalers.