Having the right attorney is a big part of the business, but also understanding how violations, town inspections, zoning certs, transfer stamps, PTAX and other "fun" parts of the closing process work are a huge part of what we do as agents. 

I've been asking on the forums for almost 15 years and haven't found anyone that's been sued and lost their shirt. 

No doc stamps!

If you bring your Operating Agreement stamped by your State Attorney General's office to the bank, they should open an account in the name of your LLC. 

I always say that this business is not for everyone and if done incorrectly you can lose your shirt. 

I'd suggest doing some research before wasting a stamp.

Pics are time stamped and have the GPS location in each picture as well.I want to dissuade them from trying to file suit against me, as it still takes time and hassle to fight, though at this point I've already compiled most of the evidence.

Lets do it together real quick:80K ARV20K Rehab50K PurchaseMoney borrowed=70K Time borrowed= 6 moHard money Costs=7K (10% of 70K: 2points on front 2 points on back, and 1% a month)Real Estate Commissions=8K (10% of 80K: 3% to listing agent, 3% to buyers agent, and 4% to title work, doc stamps etc)...so the flipper would take 6 months to lose 5K and you still havent gotten paid either...But wait, there's more: Upon further inspection the wholesaler's numbers were wrong anyway, the flip is going to take 32K and the ARV is really only 64K and I can only buy it for 12K (lets say 9K to the seller and 3K to you)12K + 32K = 44K Hard money costs 4.4K and closing costs 2.5K, RE commission is 4KTotal costs = $54,900Sale Price = $64,000Total Net to flipper= $9,100 Joseph, I am not necessarily a mentor, yet. haha but I would be willing to answer any of your questions. 

But, I know many people with a lot of inherited money who invested in communities and lost their shirts just as I know many who started with little - or nothing - and did very well. 

I wear sweatpants and a t-shirt pretty much every day of my life, could care less about driving a fancy car.