Posted by DougO(NM) on November 15, 1998 at 19:30:07:
1st: Need to know exactly how the home is currently titled. 2nd: Are you paying $7500 cash or terms this determines what you will do with your future tennant/buyer 3rd: If you are paying cash, then I feel the way to go for you and your tennant/buyer is what I outlined in the original post in this thread (contract for title held in escrow) 4th: If you are buying on terms, then basically what you are doing is the same, only you’ll have to be able to gurantee the buyer that you will be able to provide them title when they pay you off. This is where flipping could work, the buyer in effect steps into your purchase contract for a fee. You may consider just renting it for awhile if that is possible, then selling later. Hope this helps a bit. In any case, once you’ve determined the facts and have your plan in place, then by all means see an attorney to get the details down.