I only have 2k in my savings account because I dump my extra on credit card balances and paying extra principal on other loans and put a little into savings.

It includes a role playing transaction between Will and I that we tried off the cuff about 5 years ago and bombed big time....LOLOther than that, you can now have live chat on the Principals of RE, investor transactions and Notes for only $29.94 simply by sending me your debit/credit card number for the Biggerpockets Chat Education Class

I won't every pay cash for something if the interest rate is lower than what the returns of investing the principal would be.

The contract shall contain at least the following provisions:(1) The full names and then current mailing addresses of all the parties to the contract; (2) The date when the contract was signed by each party; (3) A legal description of the property conveyed; (4) The contract price of the property conveyed; (5) Any charges or fees for services that are includable in the contract separate from the contract price; (6) The amount of the vendee's down payment; (7) The principal balance owed, which is the sum of the items specified in divisions (A)(4) and (5) of this section less the item specified in division (A)(6) of this section; (8) The amount and due date of each installment payment; (9) The interest rate on the unpaid balance and the method of computing the rate; (10) A statement of any encumbrances against the property conveyed; (11) A statement requiring the vendor to deliver a general warranty deed on completion of the contract, or another deed that is available when the vendor is legally unable to deliver a general warranty deed; (12) A provision that the vendor provide evidence of title in accordance with the prevailing custom in the area in which the property is located; (13) A provision that, if the vendor defaults on any mortgage on the property, the vendee can pay on that mortgage and receive credit on the land installment contract; (14) A provision that the vendor shall cause a copy of the contract to be recorded; (15) A requirement that the vendee be responsible for the payment of taxes, assessments, and other charges against the property from the date of the contract, unless agreed to the contrary; (16) A statement of any pending order of any public agency against the property.

I figured the additional $130.00 per month can go toward principal pay down, but would welcome other perspectives.

Haven't been able to get financing because we can't put skin in the game, so we gotta get creative.Our plan is to talk to the seller about doing seller financing, with the seller paid their interest (and the principal, of course) when the property sells post rehab.....so that would take care of the seller.  

Every state is different, but typically you have to work under a principal broker for a period of time, say 2 years, before you can go out on your own

On one deal I thought I had my 2nd covered by equity then found out the first with Chase was modified with the borrower about 5 years ago and there was a deferred principal balance for more than the balance of the UPB on my second.

Sorry for the delay @Matt M.I'm assuming you're licensed as an agent in CTIf you have a license in the state of Connecticut you can then act as a business owner ,as a principal in the transaction, and as long as you disclose that you were not "acting agent for" you can do what ever you want, just be transparent.You can enter into an option, into a lease, into a lease with option to assign, into a lease with an option and sublease and sub option, enter into a master lease, enter into a master lease option, etcSo let's say that you find a seller that has low equityYou first talk to the seller and let them know that you are either going to list the house as an agent and get the very best price or you will act as a business owner and enter into as a principal with the lease and option and then sell your agreement for 3%. 

For instance you said you do multifamily and then commercial.I  am a principal broker of my commercial firm and an investor myself.