@Paul Jamgotch
Thanks Paul for your reply, I understand your concerns.
We have a Texas Real Estate attorney, Residential Loan Originator (RMLO) and a servicing company that will take care of the sell side process to meet Dood-Frank. I also will put money into the deal and with my business partner and I will personal guarantee the loan to give the private lender a peace of mind, just need a 12 to 24 months commitment
On the buy side we use a Real Estate Attorney to draft the note, the PML get first lien position, we do the closing at a title company, we get title insurance, and PLM gets listed as an insured in the hazard insurance.
Let me know if you have any questions on this deal, i will be happy to answer them
Also, We just got 3 more deals under contract this week just like this one, but we would like to keep them as rentals. all in costs are $30,000, with a 12 to 24 months commitment on the note. there are located in Notheast Houston, with rentals between $750 to $800.
Let me know if these may be of your interest as well