Any possibility we could bargain with the county auditor for a payment plan and structure a contract of deed or land contract?...

I am also employeed by a government agency as an accountant/auditor, a field some day will like to leave behind :).

This flip could net me between $20 and $140k which would be a nice start.My background:I'm an auditor for a public accounting firm and have worked for a contracting company assisting in project management for rehab of buildings exceeding $6 million.

My local banks like that far more than do cash out refi's on every transaction (which can raise red flags with their auditors even today).So even if the CF was 8% AND if they were to get rid of that stupid rule, it still wouldn't make sense for someone like me.

@Linda Weygant, I'm an auditor and I'm vaguely familiar with taxes.

But even after extensive Auditor website searches and white page look ups I'm at a stand still.How will this benefit the both of us?

Ok, so maybe (maybe) we get away with the regulators breathing down our necks, we are subject to internal/external auditors reviewing the violation of our policies and procedures for disclosing information about a loan to a person not on the loan.

Also remember there are many new and revised laws since the passage of the Dodd-Frank Act.Even as I write this, one of our auditors is going through a pile of Contract for Deed loans that a community owner wants to sell.

Believe me when I say that local assessors are called daily by lenders, bank auditors, and investigators for various government-sponsored programs.

If you want to squeeze a bit of extra money out of the deal as you should, then you need to contact your county auditors office about lowering your assessed value.