Trying to understand LOA's a little better
So recently I began studying lease options and haven't quite wrapped my head around it yet so please help me clarify things. In short these are the steps I need to take:
1. Market for low equity homes with motivated sellers, FSBO's, FRBO's, etc.
2. Get the house under a lease option contract
3. Market for tenant buyers to whom I plan on assigning the contract to.
Here's where I get confused. With the Dod Frank Act and all, do I need to prescreen my tenant buyers and have them go through an RMLO? And then once verified do I get them in the house and put them in a credit repair program? When do i need to talk with a mortgage broker?
These are a few questions I have in this area of LOA's and would greatly appreciate your feedback to help me understand the whole process better.
Thank you!