For some things, no amount of reading can substitute for actual experience.

If i could substitute the amount of tacos I've eating for properties I would be a multi-millionaire real estate investor right now.

Start documenting your conversations and either get your money back or make the provider substitute a similar, but different, property.

J Scott's book on Estimating Rehab Costs has been great, but as a novice, there's no substitute for experienced professionals in my opinion. 

No matter the economy people don't stop brushing their teeth, eating or cutting off their prescribed meds; similarly, they never stop needing some place to live (though they may substitute lower cost alternatives, so higher end rentals may be more at risk). 

You have to control all elements at all times which admittedly can be difficult at times.Nothing I say should be substituted for legal advice from your attorney. 

Seller financing can be good, but it's not a substitute for a viable deal.Good luck,Jim

There is no substitute for an inspection. 

(all terms must be in writing) Strange to think that the investor becomes a borrower with an equity interest in the mortgage that he owes on.Offer rolling interest – no interest for 6 months – 2% for 6 months – 3.5 for 6 months ---- whatever you can think of to give you the financial leverage you need.Substitution of Collateral – if you ever sell the property and you want more cash - DON’T pay off the mortgage – substitution of collateral clause in what will work.

If you plan on adding more properties you may be able to have a substitution of collateral clause added to the note.