1st REI transaction, Pre-Forclosure property, need advice on buying and flipping.
Hi my name is Mari and live in Illinois. The property is in Texas and it's a family members house. She is running out of time to sell before auction and wants to sell to me but i have to buy with no credit check or bank approval or money. By the way I'm a few states away. I need URGENT advice on how to buy, hold contract to flip to a buyer or investor.
I understand property is $8-9/mth x4 payments behind and balance is about $58k. There are no liens. As you can see I myself would need a buyer/investor seeing as how I live here in Illinois. So I would want a fast flip transaction.
Please advice on what to do first, how and what do I say!!! 
amari3178@aol.com">amari3178@aol.com
How much is the home worth? Does it need any repairs? You can get the house under contract and then assign it to someone else, whether it be a new buyer or an investor. Make sure you place "and/or assigns" after your name as the buyer. Then you can flip it to an investor for a couple thousand as your assignment fee, which you get paid before assigning the contract over to the investor.
Have they considered refinancing it, if there is enough equity in it? They can refinance it and if they cannot make the payments, then you can take the property subject to and sell it or rent it. Good luck.
Tanya