You got an offer accepted, now what?!
I have said many-many times that the most important thing is to secure a property, take it off market. Once you control the property and have many options:
1). Your ARV and rehab budget were accurate so you stick to your accepted offer price and rehab the house
2). You realize your offer was too high, rehab will cost more or ARV was wrong. You counter with a reduction in price, document with pictures and reports why. Find out who in your area are the inspectors (pest, structural, etc.) that tend to find many things wrong and bid high, hire them.
3). You realize your numbers were way off, so you counter much lower or you cancel it
4). You are unable to secure all the funds for purchase and rehab so you JV it, seller is OK with this concept so you add your JV partner to title through an addendum
5). Same as 4 but seller is not OK with JV so you Grant Deed an agreed portion of equity with your JV partner, he/she holds the Grant Deed and records it right after Escrow has notified you that the purchase recorded
6). You decide the project is not for you but its still a good one so you wholesale it. In California, you can use the state approved assignment page on the standard contract, however, the seller needs to sign it so make sure your agent knows how to present this to the seller, have your buyer’s POF ready and stress that no other conditions will change
7). If you know the seller will not be OK with the wholesale/assignment, add your buyer to title, tell the seller your buyer is your private investor. Create a Grant Deed and have the buyer hold it to be recorded after the COE, you give your rights to the property this way in exchange for your fee.
8). The deal is tight to rehab and sale due to closing costs. Find an end user, a family buyer, agree on a sale price and a specific list of improvements, add them to title, get a on refundable deposit. Upon the project completion Grant Deed the property to your buyer avoiding closing costs, etc.
Lesson here, SECURE A PROPERTY, doors and options open once you have one, without a property you have nothing to work with. Do you see how super important is to have in your team a creative Realtor, an investor friendly Title/Escrow officer and a good Attorney? Go look for them, go write a ton of offers, get some accepted, be creative, help people and have fun!