Wholesaling sub2 help!!!!!!

[Claudio Goedhart]

I have some questions on exactly how does sub2 work, I have a property under contract for 125k and a buyer for 130k but wants to do an owner finance deal. What type of contract do we use to assign and I have a regular simple purchase agreement with the seller would I need a different document? and also would we just get paid from the down payment if she is paying monthly?

[Bill Gulley]

I'm afraid you're up a creek here. I assume you don't have a license or want to introduce the owner and your buyer.

You can't convey title interests you don't own, your purchase is subject to paying off the underlying mortgage releasing that borrower. 

Your payment obligation can not be assumed by the buyer without  that seller's consent, you can't "wrap" a "wrap" without seller/owner's consent.

You can rent the place or sell with new financing or cash, but not seller financing. 

You can't just plug in different methods of financing and sell title rights, does fraud ring a bell ? 

Now, for the solution. Buy it Sub-to with your buyer, then your buyer buys out your interest. The forms for this don't exist, I'm sure, as you also have Dodd-Frank to contend with, so you need an attorney. 

This isn't worth the risk for the profit you have here, find a cash buyer. 

Don't get creative until you learn the basics of RE and financing :)