He baught the house from me at 15 months and i made overall a little more then $10k.I am not saying this is right... i am new and maybe there's something i don't know, but as far as i know everything was done legally and safely.

Sometimes I wonder if we wouldn't be better served if we just went with a survival of the fittest concept.Yes there are some fast talkers out there that swindled people into bad loans, etc, but in the end, the borrower signed the documents.

:groovy: My questions are:1) is this a common and/or legal arrangement in the USA?

you can do do document loans that will not check income, but you will pay a penalty of higher closing costs, higher rates, and higher down paymentYour wifes credit should not matter if you are not putting her on the loan.

If you are not familiar with these there can be misunderstandings and legal issues between a buyer and a seller.A buyer working with a buyers agent is more likely prequalified to actually buy that someone who calls you on a FSBO ad.

Where can i find the proper legal documents to do so or does anyone have docs that they use?

How much would most RE lawyers want to charge to review your various contracts for errors etc. and to make sure they were state legal?

People who have a lot of money are targets for lawsuits (legalized extortion).

The legal paperwork the seller/lender put forth upon accepting our offer was about 4 pages, which basically said 'we agree to whatever the seller says, and no matter what our P&S says, the addendum shall control'.

I do a ton of marketing to people in BK, and yes the Releif is filed for by the lender and it is a federal document that is filed as BK if a federal process.There are actually 2 great people that have developed a list of BK listings you can mail to depending on the area of the country, they might be in your area.I think they do Atlanta, Detroit, Chicago and a few other placeshttp://www.PostBankruptcyReport.com