Posted by Lloyd Cook, Los Angeles on January 23, 2002 at 23:55:48:
A quit claim deed is legal but it only conveys the interest, if any, that the person has in the property. I would suggest that if you go ahead with the deal that you put each property into a land trust, have the owner deed the property into a land trust, only after you can be sure he/she is on title and can convey clear title to you.
Do the properties have an existing loan on them? Will you be taking them subject to this loan? If so, use the land trust above.
What you need to look out for is will the properties have positive cash flow? Will you be able to sell for profit. Do you want to own them? What kind of tenants do they have, do you want do deal with them? Be sure you don?t pay too much for this finder, 1% tops.