Every three years?

Three days later the 25% partner bought me out for $200k.   

In terms of rentredi though, I can say I've used it for about a year and a half on my three properties and have really liked it. 

This amount is fully refundable for any reason if you do not execute a loan commitment with us and you request in writing within thirty(30) days of the date of this letter the return of the $10,000.signing of the loan commitment, a commitment fee equal to five percent (5%) of the Financing Request is due; three percent (3%) would be payable at the signing, and the remainder would be payable from the loan proceeds at closing.

I told him if I close this house on May 24 I'll buy all three if he still has them for a combined price of $1500.

Bill Gulley, three points in response to the above.First, you mention Respa etc.

Two different banks, four different closing companies (because three of the sellers wanted to solely use their own companies). 

I treated it like a hobby for the first three months and it cost me money.

Every state has a unique set of laws and regulations regarding the foreclosure process, so your ability to succeed will depend largely on where you're operating.Also, all three of these require advanced skills and background, so I wouldn't necessarily start here.That said, if you do then be sure to get top-notch training and complete deal documentation from folks who have seen at least one full real estate cycle.Rather than specializing so soon in your real estate career, I would instead recommend just getting in front of as many real estate owners with problems.Just getting really good at talking (and listening!) 

@Atul Mohlajee not sure who your attorney is, but three of our attorneys approved our automatically renewing lease that requires tenant to give proper Notice so it does NOT auto-renewal.Michigan law also allows any length of Notice requirement, ours is 60 days.That aside, a judge can rule however they want, forcing the losing side to go through an expensive appeal process.Regarding the 1.5 SD, they are legally allowed to deduct any damages, then apply the rest to outstanding rent.My opinion is that the PMC should only be able to charge:1) Rent + lease utilities until a replacement tenant is found (Michigan statute)2) Whatever the lease contract states