Mike, there is a difference between an equity funded loan and a cash loan, equity loans are installment contracts, even if the title is past, the title is subject to paying as agreed, if the note is not paid, as you can see in the UCC, the transaction is not completed at title to financed assets reverts back to the seller, the title reverts back with the seller's original title interests owning the property.There are lien states and title states as to collateral that may be conveyed, a lien only conveys a lien interest not ownership rights, securing collateral is not ownership and the collateral must be sold with proceeds first applied to the cost of sale, then costs incurred such as safekeeping of the collateral, then to the obligation  and any excess is owed to the owner-borrower, this has nothing to do with redemption rights to meet the obligation within a time frame.Title states convey title to collateral, taking back collateral puts that lender in title and they may dispose of the property, the owner may be out any equity, but then comes "courts of equity" as to what might be fair as far as indemnifying the lender and then what would be a windfall profit to a lender, being a lender is not buying the RE and being in the RE business.

I just read the assignment section of the operating agreement and he would need to sell, assign or dispose of his share in the LLC to me.

The Fed has everything to do with driving this "upturn" with stuffing the marketplace so full of hot money that the institutions have no choice but to dispose of it as fast as possible -- which then messes up our signals because it looks like permanent prosperity is here.

It saves the demo and disposal cost but that is a minimal savings. 

In CA, when you disturb, you dispose the right way, that window may be costly, EPA certified painter and disposal will be costly, any kind of painting for that matter, the house is 1920, you need lead tests. as for asbestos, same thing.

(I create what I call a disposable LLC and write the offer in this llc so I can sell to an investor and avoid a double close, whether its a hud home or not).

Nice work, im also a newbie and its great to hear from someone who is in the same boat (not rich, works a demanding fulltime job, doesnt necessarily have boatloads of disposable income to drain into marketing).

Not unless you want increased scrutiny from the IRS and a strong possibility of all your hard work being disposed of by a judge.

The (M)IRR is not wonderful, though it gets better if/when we pull some/all our capital (and probably more) out 12-18 months down the road ...We anticipate no appreciation - in fact, we see the asset as disposable {though preferably after 5-8-years}.

When I first saw the kitchen area, I thought only the garbage disposal needed to be replaced.