I would also be extra diligent in screening because you are at risk of taking anyone to fill a vacancy, which is a classic mistake.

You can always check with the recording office in the county you want to work in and pull records about the property. 

Because you sold the property on contract, they are now the owners of record.

Scroll your mouse over the "Education" tab at the top of the screen.

As I go along I will also add links to the tax records, MLS info, rentometer, zillow, etc for easy access to property info.I use 8% for vacancy, 7% for general repairs and 5% for CapEx.

For the record, I know and respect David.I find nothing to disagree with in these statements, but the attorney conclusions do not support your suggestion that these types of agreement be utilized.

If you are lucky, the owner has perfect records for the previous 3 years so you can actually check expenses.

So what I am looking to do is subject to his loan and essentially step into his shoes on the loan by using a subject to contract in which I would record with the state and show that I am taking over loan.

Recorded liens don't include attorney fees/court costseither.

$300 for the attorney and $12 to record the deed.By the way, I closed on this last week and today just got the phone call that we’ve got it rented for $1350!!!