The quote I got from a local attorney was over double what you've provided and I couldn't imagine trying to pass that entire cost onto the borrower. 

Let someone else buy the fringe areas and improve them first.To be direct, I can't imagine an appraiser using 5-year-old comps.

It was a raised foundation and they filled the floor heating vents with dog food.....you can imagine...John, which do you think smells worse - dog poop or cat poop? 

(If you did this, obviously, you would have to cover those needs, when they arise with money from other sources.)I imagine my beginner perspective is probably inaccurate in several ways.

I was holding approximately 20 of their properties at that time, so you can imagine that unexpectedly paying out 20 interest payments every month was impossible.   

You have to use a bank trust (fideicomiso) but it's like having the property in your own name for all intents and purposes.If you decide to buy and build, you'll have to do everything by yourself, although I imagine that the developer would be on hand to help you if needed.

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

It was not the RDPD training but I imagine it was similar.

I imagine they get their clients by referral, I mean I would'nt want the public applying through some website that's for sure.

But I would imagine the credit card companies would start to restrict me at some point.