When things get rough agents and brokers give "creative financing" techniques to one another so that they may survive their commission only pay!

How ARE they surviving with the business so soft and no sales lately?

I am glad you survived and can continue.John CoreyOriginally posted by "BlueStarHomes":I strongly agree with RoyalT.

Without it you cannot obtain your Key Objective: GETTING A PROSPECT TO CALL YOU.Today’s competitive market has home sellers bombarded with many offers from Realtors, lenders and investors, so you must use every resource available in order to survive.

It does not survive the sale.Anyone residing in the property is the responsibility of the new owner.

If you want to believe Keynesian economics as the country becomes poorer and poorer be my guest. 70% of our GDP is consumption not production, we are surviving on the buy-outs by foreign investments of U.S assets, and the injection of capital into the country is from the outside.

Make sure that you understand the worst case scenario and feel comfortable to "survive" even under those circumstances.Explore if a smaller property or less costly property would make you more comfortable?

In 2009-2010 we will see the peak of this unfold befor are verry eyes the wores will come at that time change is unevitable,survival isnt.

OTOH, we may look back in a year (or a month) when its $2000 and wish for that cheap $900 stuff.You guys probably recall me mention Harry Dent's "The Next Great Bubble Boom" and John Talbott's "Sell Now".

Dan,It sounds like your friend approached you and is already willing and able to invest with you, so I am not sure an "initial letter" is needed here.The most important part is your operating agreement if you choose to form an entity in which you both are 50% partners or a well written joint venture agreement if you use your own entities as partnerships.These contracts/documents should stipulate all teh duties of each party, death survival verbiage, insurance, and all details of the deal process.