Would Like Advise On Revised Business Plan (Long Post)

OK everyone, I will try to keep this as short as I can.

Original plan- Flipping houses to investors with no money down and cash back at closing. This was the way my original deals were done. The sellers paid my down payment, closing costs, and 2k cash back at closing minus escrowed items so that I got into them for no money down. Sounds great on the surface yes and a good plan to copy and implement on my own right? Well only partially right. THose of you with alarms ringing in your heads are correct. I found out after the fact nd due to my lack of experience, that part of what was done was under the table which id not how I want to run my business and if I had to do over, I wouldn't have done it that way. I searched for quite awhile and asked all of you quite a few questions trying to find legal ways to accomplish this plan and just couldn't come up with any except trying to find lenders that don't require sourced and seasoned down payments which apparently ecveryone has heard of but no one knows where they exist at. ( Any advise on that would be appreciated if any one DOES know of any confirmed sightings of such a lender and how to contact them

Revised plan- I still think it is a great idea to try to flip to other investors. I know quite a few landlords that don't want to mess with rehabbing the houses, want good cashflow and want to get in for no money down, money out at closing and have the property prerented for them so that they immediately begin getting cashflow. So What I have come up with is this. I look for two maybe three investors ( I am only one guy with a full time job after all) I get them prequalified for financing. I then select and make an offer on a home and when the offer is accepted we ( the investor and I) take title together. My cash goes into buying and rehabbing the house. The investor has no money out until the house is finished, reappraised and rerented. At that point, the investor refinances the property to cash me out. It includes my initial costs, repair costs ( documented) and my profits. If he chooses he can also take out some small portion for himself. At that poitn I sign off of the title and he has the property free from me in his name only. Rinse and repeat as desired. I will have a presigned quitclaim deed from him (or her to be fair to our female investors) in case things went blooey before refinancing, and agreement to the entire deal before closing on a property. Also I dont' sign off of the title until I have my money in hand to protect my investment.

Advantages- The investor is getting in for around 80%LTV with 20% equity. They have a pre rented, freshly redone house that is generating a good cashflow at rents that are a little below market rate to ensure 100% occupancy. They are also getting in with no money out of thier pocket.

My advantage, I turn the property quickly and get out with my profit in under two months per property

Now what I need are the myriad years of experience from you all out there to hone this plan and offer critiques and play devils advocate for me.

Thanks to those of you with the perseverance to read this whole post!

Thanks

Joe
[addsig]