But it's important to remember that you can't save everyone.

Dan,It sounds like your friend approached you and is already willing and able to invest with you, so I am not sure an "initial letter" is needed here.The most important part is your operating agreement if you choose to form an entity in which you both are 50% partners or a well written joint venture agreement if you use your own entities as partnerships.These contracts/documents should stipulate all teh duties of each party, death survival verbiage, insurance, and all details of the deal process.

Exactly which is why "intent" is so important.

These are all important questions because you need cooperative sellers and you need them paying HOA, taxes, and keeping their utilities on.Good luck!

I didn't find a single abandoned/obviously distressed property but more importantly I realized that is not how i want to spend my time.I want to spend my time doing ABC:ALWAYS BE CLOSINGSo I need leads coming to me.Current ideas/strategies:-Posting craigslist ads, offering $ for the location of these houses(some upfront, or perhaps say $500 if I close the house) -awesome bc it's free-Posting in newspapers-Remnant time on the radio-Also bandit signs saying "buying houses for cash"and to take it further, billboards (I recall seeing one that said "I buy ugly homes" years ago, now it's very clear to me lol, that would require capital though.Share your best ideas especially ones you've had a lot of success in:

Dobbs said, they have more important things to do than accelerate a loan, with a huge public inventory and an even larger shadow inventory of homes.As a few of you said though, one should no rely on their ignorance as legal grounds to not protect oneself or the seller in case they choose to accelerate the loan.

MFH prices are dropping as well, bigger downpayments, may not appreciate as fast, cashflow seems to be more important, still getting partial mortgage payment if a tenant is gone.I guess, I am wondering which would be a better investment today.

.@ 3,000/mo * 50% = $1,500/mo * 12 mo/yr = $18,000 NOIFrom that, subtract your "mortgage payment" to get your cash flow for the year.Divide your cash flow by your investment ($100k) to get your Cash on Cash return.To me, that's one of the most important numbers to optimize as I am looking to maximize the return on my resources.

(this is usually NOT the best course of action)All the attorney will do is hire a collection company that has more bark than bite and rarely collects any money.The other option is to use a judgement recovery company.They usually pay the court costs and filing fees and then split 50/50 of whatever they recover.Sometimes they will buy the judgement outright for real cheap.In this case you get your cash right away and move on.Judgements depending on the smarts of the tenant can take 3 months to years to collect.Some tenants are judgement proof.This can happen when:1.The funds are retirement funds in a bank or social security where money can't be taken.2.The tenant works a job where their income is at a level where they cannot be garnished by Federal Law.Even when you can garnish you can only take 25% each time.If their are other judgements already garnishing then the 25% gets split up among the garnishments.85% of judgements never collect a dime because of the work involved.Even if the judgement company you employ chases the tenants for money the tenant may pay or they might just file BK if they have other debts.A chapter 7 costs thousands so it would depend on their other total debts and how much your judgement is for.This is why it is important to carefully screen tenants.They need to have good credit,a good job with long work history,etc. or something where you know you can collect if they default.If you have multiple tenants staying in one place and they all make minimum wage it will be hard to collect on them later versus one person showing great income.Hope it helps.

A verification of employment is also important.