I don't have Photoshop or Illustrator (nor do I know how to use them anyway!)

I agree with Chris, this certianly illustrates the differences in the process from state to state, he is correct too in seeing another attorney, not the one you used.

A page that illustrates what the transaction is all about.PAR Value, the remaing principal and accrued interest together with any other outstanding amounts due; the amount shown on the day of the transaction.Settlement Statement of Note PurchaseSettlement Date May 24, 2013Subject Note: That certain promissory note made on the 12th day of June, 2009, in the original principal amount of $25,000.00 bearing interest at ten per cent per annum with monthly payments required in the amount of $330.38 with payments beginning on the 1st day of July, 2009, payable to Joseph Nogood as the holder, secured by property described as 1992 Moneypit Mobile Home, Serial Bumber 19925495-032 secured by Missouri title.PAR VALUE $20,215.63DISCOUNT 20% 4,043.13Purchase 16,172.50The undersigned acknowledge that this statement reflects the true amounts indicated and the basis for the agreements made by and between the undersigned in connection with the note purchase transaction described, the date first appearing above.Thus Agreed:_____________________ ______________________ Joseph Nogood Sam AllsmilesI just cranked this out as an example, for some kind of settlement statement or accounting of what you're doing.

See below illustration on an annualized rental loss.To have this efficiency, have to track planned rent and compare with the actual rent for days actually rented.

FHA showdown but you did illustrate some fine points that can help him weigh his options. 

To illustrate, say my primary home has appreciated a lot, and even after the primary home 121 exclusion I would still pay a lot of tax.  

If you are wholesaling correctly you are providing major value to buyers and sellers just how illustrated in the two paragraphs above.

You need to show bank statements or lines of credit, to illustrate cash (or cash equivalent) in hand.

Option 1: Invest in the stock market and earn 8% OROption 2: Pay down debt and save 5% OROption 3: Invest in real estate and earn 15%Percentages will vary but are directional for illustrative purposes.

@Andrew Syrios   sorry to confuse, the original posters town doesn't have the extra ordinances on noise we have but it is an illustration ordinances are important in these college rentals.