Some time ago the 3 unit went under contract.  

And I need at least one more successful house “flip”, if you will, to allow me to purchase a cheap $15,000 apartment somewhere in foreclosure so that I can use that as my legal homebase and therefore qualify for Hardmoney or private money loans to do what I want to do. 

Are there any legal issues with this?  

No, it will not be under contract if the 3% EMD is ng.

@Don Van Nguyen I know that I am in the minority but with most oil and gas downturns, Houston will see a considerable contraction.

Legalities aside.. as you know is it legal or not legal to assign contracts in FLA is hotly debated.but I was just at a RE conference it was a private invitation only mastermind thing.and there were some of the top wholesalers in the country there.. some that are even on this site.one thing that was evident to me though to be successful at this.requires1.

I would like to close tomorrow as the deal is favorable and the contract expires tomorrow and the seller is more focused on the eviction and wants out.

He's got an incredible skillset or 'unfair advantage' as Brandon Turner talks about, having a background in contracting and being well equipped to quickly estimate a rehab job himself, something most investors need to bring an outside GC in for the bid. 

How would the deal be written and would it be spelled out in the contract? 

As a general rule, don't ask Accountants legal questions and don't ask your lawyer tax questions.