I was in attendance at the last Real Estate Trends conference for the Urban Land Institute here in Indianapolis.

Original closing date was 10 days ago, but Bank of America has been a royal pain in the *** per usual.

Are you sure it not Royal Oak Twnp.That is a huge difference in the "cool" factor in Ferndale.How close to 9/Woodward is it?

I have to admit that I'm very confused on how to buy at retail, get an institutional loan, rent it for fair market value and cover the mortgage, insurance and property taxes.

Not an experienced note buyer, but I can tell you "one offs" are not when a fund buys one note at a time from an institution.

You never know how the sheets will be split between parting partners.Avoid potential issues, hold all major players responsible, enforce terms jointly and severally, take the position to collect amounts due from the most economical path in a timely manner.It's prudent lending practice, failing to do so is poor management identified by regulators for insured institutional lenders if major players are not held responsible.

I have no desire to build my portfolio around future headaches.Furthermore this seller isn't doing you any favors either. 20% down and 6.5% interest can be beat by most any lending institution if you have good credit, and this property runs a at a 1.20 or better DSCR.Add in the non conforming issues and this seller should be doing much better than he is with his terms.

I also have a financial institution contact for you.

Thanks for the feedback.I have a bachelor's degree BA: urban planning major, and I started a master's degree in facilities management, but it wasn't teaching me anything I didn't know already from my previous position, and was a private institution.

As far as whether to go to college for real estate I would say not to unless you want to become an analyst for for a large private equity or institutional real estate company.