Actually the DRE just came out with a memo specifically coming down against these types of transactions. I will email you a copy of it. I forwarded it to an investor that was doing these types of transactions (NOT WITH ME!) and as soon as he saw it he cancelled all the transactions he is currently involved in. It scared him silly. Hopefully the new rules/regs will have some teeth in preventing this. Ch3eck your email, its on the way.
You may want to forward a copy to that listing agent.
