I also wouldn't be where I am today in terms of my contacts and relationships with vendors, to be in a position to self-manage confidently out of state.All that being said, if another deal with the same amount of hair on it presented itself to me today, I would pass simply because my risk profile has changed.

Hopefully it balances out and ends up net positive. 

The risk that the borrower can default, the risk that you will have to foreclose, the risk that you will have to take over payments on the 1st TD if you are in 2nd position, the risk that you have to invest $$ into the property to sell it... 

Would anybody in similar position be interested in starting a partnership/s to go in on a loan together?

Be sure to review the legal documents, oral representations won't stand up in court.

The loan shows it is SUPPOSED to be issued only if its in 1st lien position, but if a mistake was made in 2005 it would not be in 1st lien position.

@Scott Suryan we've review REI Nation's processes and met Chris - if we ever did turnkey, we'd model it after their systems!

It might be one of those positive sunk costs to increase the value when financing.

If you have deep pockets, I think Austin will eventually reward you, but if you are a newbie in real estate looking to cash flow positive day one or shortly thereafter, Austin is probably not your best bet in TEXAS.  

Strategic negotiations secured the property at $170,000, positioning us for a quick and lucrative resale in a thriving market.