For you to obtain conventional financing, the seller would have to be willing to carry back a second mortgage, as any other lender would require a 1st lien position.

We carry a few kinds of lockboxes here on BiggerPockets for sale on our Store, and have them priced pretty competitively, in case you're interested:- GE Supra Portable Push-Button Lock Box- GE Supra Spin Dial Key Lock Box- ShurLok Portable Lock Box

However, a $15K target should be a light rehab, not cost over $50K, and carry less risk.

I don't think I'll try to immediately have them fill out the app on the spot because I don't think most people carry that info with them, and not to mention copies of their pay stubs.

A person can get in the car and five minutes later get hit by a drunk driver who doesn't carry insurance.

If you are rehabbing/flipping, your highest and best price is going to be based off of the conservative end comps less repair costs, carrying costs (ins, taxes) and your desired profit.

Structuring your RE business properly and carry sufficient insurance would limit the cost of liability.

You can also talk to them about carry a note when you exercise the option.

I don't carry debt any longer other than mortgages and I live within my means and I always save a piece of the pie each month.

Quick question after that long ramble... for those of you that have to carry these properties for 30 days: Are you getting insurance on them?