Go ahead and get the ALTA survey and zoning letters, that you need regardless of who you sell to.

On the micro level, you can use this data to spot other opportunities, such as suburban infill lot building or room additions to maximize returns in areas where rental profits may not make sense.On the other hand, I apparently need to get out from behind my desk more often because this past week I re-discovered an entire community (in very competitive Los Angeles county, no less) that is ripe for picking: Alta Dena.

Greater fool theory in play here, somewhat.As of right now, the big money (REITs and Private Equity) are focused on B(ish) properties, just as lenders were traditionally focused on A-paper and Alt-A borrowers in the beginning of the mortgage boom.

What happens if they are required under ALTA to report issues as they due in other scam cases?

The ALTA site may have a list of states that recognize insured title over a physical document, like Mo. :)

The LLC would meet the definition of the term "insured" under the standard ALTA owners policy.

And the Alt-A and prime markets will be entering the fray as well - see http://blogs.marketwatch.com/greenberg/2007/12/straight-talk-on-the-mortgage-mess-from-an-insider/The continued meddling of the government in private markets does however risk undermining the integrity and inherent trust within the markets (to the extent they still exist).

Title and ClosingAt Seller’s expense, Buyer shall procure a title commitment for an ALTA title insurance policy in the amount of the purchase price with extended coverage by a title company licensed to operate in the State of Illinois, issued on or subsequent to the Date of Acceptance.

If the money is used for consumer purpose there are a boat load of disclosures, licenses and regulations you need to comply with.Also, what is the value of the collateral, if should be substantially more than the loan amount or you could become partially unsecured both as a practical matter and subject to cram down or lien stripping if borrower decides to file BK.Also, if you don't have a deed of trust to go with this note it's unsecured, it then becomes expensive toilet paper.Also, you should get the deed of trust insured with a ALTA lenders policy.Also, this may be a personal thing but I like monthly payments, not everything at the end. 

Title co (buyer's choice) takes their sweet time to answer questions, but sent us the castrated version of "ALTA Settlement Statement - Seller" (http://www.alta.org/trid/download.cfm?