The first thing we do is get on site to examine the problem.

Look to the assignment of the slips in the HOA docs, Slips are under special use deeds, use is limited as you don't own the dock but rights of use, maintenance is usually divided among owners, if you're the only "owner" guess what,,,,Same maintenance issue with common areas, that's why I suggest you examine the HOA by-laws, and minutes to date.I had a similar deal years past at the lake but the condo development was 2/3 completed (200 units+ usual amenities) with water front, partner with a developer and finish it out, rent it up or sell, dump what you don't want need or want

I've been in the Title Insurance Industry for quite some time now as an Assistant Production Manager/Senior Title Examiner for a well-known Title Company.

I'll admit, it does make me nervous trusting others out of state, but there is always a little nerves when making any investment...well, at least for me.We've had great success w/ our Maui property, so we are not totally inexperienced w/ out of state properties, but that property is vacation rental and long term rentals is another beast where we have no experience.I can't remember who had it in their signature here, but I remember reading "live where you want and invest where it makes sense," or something like that.

Some folks include their vacancy allowance w/i that 50%, we apply an 8.33% (1/12) to 10% vacancy allowance to the scheduled rent and deduct 50% for operating expenses from that number ... conservative is good when examining prospects.

NPNs carry a much higher risk of having confrontational issues with the borrower or situations where the borrower end up in some legal matter that exposes your asset to examination, like bankruptcy.

Ben, I hope I do eventually get over my nerves..that's the kind of advice I'm looking for and I need one of those candles and thanks!!

He was concerned with the practice and thought I was "equity" skimming and essentially planning to defraud consumers out of their money.I came across the Washington State Attorney General's page http://atg.wa.gov/hb2791prjune08.aspx#.UyfgGfldWJEand it does seem that wholesaling could be questionable.Is there ANY legal information/experience someone could provide me with that could help me calm my nerves and get started?

If you are interested, examine the escrow closing statement, appraisal, prelim and vet the lender and borrower then see where you are.

I took the exam in 1996 and passed with ease.