Hey all, I am new to long-distance real estate investing and probably did everything wrong on my first investment property. I bought a 3 Bedroom SFH in Cahokia Heights, IL on April 2024 and it is STILL NOT RENTED TODA...

You should ask to speak to the commercial lender at the bank that carries your property's current mortgage.

If they are the one providing most of the cash, they might not want to carry that liability, but you've already negotiated with your partners on this and then the bank isn't cool with it, you could be in a pickle.

Do you mind sharing the name of that type of loan/lender that allows you to have the seller carry on a second position?

I have contacted family members in the past with literal hand written letters.

Any repair issues the new acquisition has you will feel to much greater magnitude due to the property carrying a lot of debt.

No syndication experience but there are about a dozen quality RV/Mobile home parks on market in Oregon, several with owner carry options that can be passiv-ish with management in place.

Is it normal to pay anything upfront besides a down payment on Private Money Lender financing deal
Does this look legitimate to you guys https://drive.google.com/file/d/1WXAqllCuZVMjkv6HjqLmv-gw3bmwPqr2/view?usp=driv...

They’re requesting what feels like an unreasonable amount of information, and the demands keep escalating.So far, they’ve asked for:A video tour of my home officeCredit checks on me and my partnerCopies of the deeds for every property we ownA copy of my partner’s home lease and utility billsBusiness phone billsA signed letter from the bank verifying our accountsBank statementsHonestly, it feels more like qualifying for a loan than trying to become a customer.

And you can't legally dictate how much they carry for personal belongings.