Posted by Ken (ILL) on March 13, 2001 at 17:59:03:
If you are not taking control of the title of the property, there may not be any recorsive action you can take if your investor decides to stiff you. However, if your investor is an OK sort of person, they usually will give you a “finder’s fee” check @ closing. It may end up costing you some money and time, but you will eventually find the right people to do business with. Please be careful that your state doesn’t have a law that will make you become a “real estate agent” or a “dealer” of Real Estate. If you find that you are headed down one of those paths, you may need to put yourself in the loop, by first buying, and then selling the property, making you a “true investor”. That process is called a Simultaneous Closing. Make sure that your Title company knows what that is before you try doing it. They can help a lot, if they do those. Good Luck and keep finding them!!