He acted in the capacity  of the administrator and took the money and left town.  

Im an ex in most things construction, ex laborer, framer, roofer, concrete, ex owner (two companies - framing & roofing, and concrete)... in general an entrepreneur with a couple of successes and a few failures (aka "learning experiences") under my belt.Fr the last 30 years Ive been in the IT industry in sales, sales management, engineering, and architecture capacities.

If you can add value to the community by being licensed and understanding the business in that capacity, you will undoubtedly earn while you learn.

As of right now we are scheduled to meet at Dirty Dave's Pizza however we may have to find a different meeting space if we "bubble over" the room capacity.  

This is due to the steel mill running at a reduced capacity and a slightly depressed economy.  

Chances are the first lien wanted to see a financial plan and capacity to ensure the project could be completed and they get paid back.  

The first thing that a retiring owner wants to know before they will consider financing it for you is do you have the capacity to manage the property and make the payments.If a property is fully depreciated and there is potential capital gains both the capital gains and depreciation recapture are only taxable when they are recieved.  

In other words it depends are the type of notes, your goals, the amount of risk you are comfortable with, whether this is money you can afford to lose, your income, your borrowing capacity, whether you are investing passively or actively, etc. 

So the sub2 isn't dangerous, it is fools overstretching their capacity that is dangerous. :)I can't even imagine not being able to carry a 48k mortgage, but I guess that the type of person that can't carry it is apt to try crazy stuff to get out of the hole they've created.

I'd think we have an assistant to an attorney who has been mislead, another question might be how that attorney is splitting profits if he is working in any legal capacity other than an investment sideline.