@Hussein Al-asadiOne thing to keep in mind, most of the investors here on BP do not simply buy properties and rent them out.

I could keep them but now they each need some serious upgrading to keep the rental  income at current levels.There is much more to real estate information than simply buying with nothing or near nothing down and unreasonable spreadsheet projections.  

Mark,It sounds like you're looking for a creative strategy to (sort-of) flip houses with the minimum cash outlay..... and you want to use the equity you built into the home-owner's house to get paid (win-win..... maybe).  

Sub2 until the bank forecloses, or simply buy it thru a short sale?

Simply because you are one profession or another does not disqualify you from entering into legal contracts with another person.  

Want the wrong tenants, well, that's easy.Knowing where they move to if they skip the rent - waste of time and will simply wind you up.

I couldn't understand why after a week of stalling with me he wouldn't simply let me see the home and make a offer.

How it would work is that the winning bidder's price will be the price you have the first right to buy it at.

I'm an investor with over 15 years of experience and I don't have an LLC and I'm of the opinion that they are simply unnecessary 90% of the time.Do you have a business partner?

One of the biggest hurdles to flipping in the Richmond area is simply getting a good property under contract to begin with.