As someone who buys a ton of auction houses, this is not something I would suggest for an inexperience investor.

However, I also believe that business can be self-taught and if you know what youre talking about and can demonstrate in experience, that will suffice.

I'd advise getting on the phone with @Dion DePaoli ... if/when you find a note you may be interested in buying, you can pay him a reasonable flat fee to point out all of the holes that you are missing due to inexperience, what a reasonable price for the note would be, expected ROI, and give you a strategy for managing the transaction, operations, and exit.

They should be dotting the i's and crossing the t's if they are raising for a syndication.Finally, recognize that inexperience can be a warning, but also an opportunity.

Your inexperience is paid for in the rates you will be charged;  in return a good hard money lender will guide you through the renovation process which is the riskiest part of the BRRRR strategy.

At the risk of showing the depths of my inexperience, may I ask for what "JV" stands?

If your brother in-law is the GC at full cost and he takes 50% of sale proceeds he is taking advantage of your inexperience.

Moral of the story: BP has saved me tons of time and money as I expand my business.But at the end of the day I am a firm believer in experience as the best teacher.

If anyone has questions, but would rather do a little reading before asking, I have tried to break down the basics at http://kimandbagwell.com/pitfalls-for-the-inexperi...I only recently got started here at bigger pockets, so the best way to reach me is at my work email, which you can find on the website i just linked to.Here lately, there are a lot of investors bidding way too high (presumably with other people's money). 

So you see the same here on BP with those starting out having their opinions whether they are based in experience or just what they read its hard to decipher unless you read their profile.And the other major differences is that many on this site are here to do business plain and simple.. whereas on our pilots site its verboten in the main forums to talk any kind of business ..