I'm very thankful you pointed this out.I'll recheck this again to make sure I understand the rules and how I should properly apply them.

(Sorry, I don't know how to properly attribute quotes).

You do need to be sure the contract is properly structured and the terms are clear.

Read more at http://www.quickenloans.com/blog/investment-proper...

So, moral of the story, you don't really have a decision to make here, if you decide to not give the Mortgagee a proper lien, you are likely not getting the loan.

You, on the other hand, I believe, being the current owner not owner-occupied, will have 25% increases each year in your current rates until it reaches the proper amount or Congress changes the law that went into effect Oct 1, which is a possibility as too many people are screaming about the new rates.

To address the drainage issue, we had to remove the existing concrete pad, re-grade, install proper drainage, replace rotten wood, re-pour concrete and install a small retaining wall.

Once I decided what company I was interested in working with, the managing Broker filled out the proper paperwork and submitted to the State to get my actual license.

how do you properly wholesale a property ?

No matter the condition or the location, if properly priced and well advertised any property will sell in 90 days, especially in Prime Time.David Krulac