@Wayne BrooksOkay I understand now, prior I didn't quite understand the contract concept but now I get it.I am probably not going to pursue the property because of the fact that it's already under contract with a realtor.

That is an interesting brand concept.

I'm sorry you got sucked into that thinking it was a legitimate real estate course, you'd be better off forgetting the old rent/lease to own concept as now you have Dodd Frank to contend with, that's federal law.The only way you can hold on to a property is by not selling it, so are you saying your tenants can't buy?

Hey Mike,An LLC is a legal concept which provides a great deal of limited liability protections.

It sounds like you grasp the concepts well and know what to do.

Please forgive me as I am new to the concept of private/hard money lending.

Due to lackluster service and better pricing elsewhere, I did so with a different lender.Since then, I've learned about the concept early payoff recapture, and, not wanting to cause any problems for my previous lender, I inquired about the recapture period on the previous loan.  

If current fed gov't plans keep rolling in the same direction, well in WI we burn lots of coal right now, they want to just kill that off sooner or later and that's not good for our future rates and one bit of useless trivia I know is that IL has more nuclear plants than any other state, not sure where that concept is headed after what happened in Japan, but I doubt it will help to lower costs for nuke plants!

This project is essentially a complete gut that will include addition of roughly 700 SQF, new roof, siding, landscaping, privacy fence, hardwood flooring installation, interior re-design into an open concept floor plan, upgraded kitchen with granite counters, new cabinets, stainless steel appliances, etc.

The team/agent community is highly competitive and if they were lying there would literally be hundreds of complaints from other teams to the real estate commission from these.Also the top teams are typically listed by a number of different reporting agencies such as realtrends, the wall Street journal etc.