Not telling you what to do, but food for thought...

I asked for a T-12 for the properties and was told: "I do not have a profit & loss report for these properties as these properties represent a small chunk from a larger portfolio.

While the first half of 2023 was slow, in the second half of the year, the sales volume gained enough momentum to catch up on the loss by increasing by 25%.

This occurred long before automated advance electronic payments.Interestingly, I never rented to nuns before, I learned that this nunnery doesn't issue paychecks, as the convent provide jobs, housing as well as food at the convent.

yes he will be receiving 50% of the profit if we do a profit or sharing the loss too

If the property sells for $250,000 or less the HELOC gets nothing, after the 1st is paid is when the HELOC gets monies.Thank you very much for clearing my confusion.One more question.Wouldn't it result in loss for the 2nd mortgage?

@Samuel Ksiazkieicz and @Amy LuThere are various companies like foremost, diamond preferred, Aegis, North Pointe.. based on location, rental loss coverage, swimming pool in property or not, pets etc.; the rates are different for various locations.Normally, I use an agent; who helps to locate the  best price. 

Clerk said that if I can cite laws to support collecting other future losses until I can get a new tenant might convince the judge.

So, ideally a 30yr track record with no investor losses across hundreds of deals is preferred, but in reality, for many people reading this, you will either get experience and long track record, OR impeccable, no investor loss track record.  

So sorry for all those that had to find out the hard way, but just know you have paid it forward educated us and saved us from a financial loss, wasted time and stress.