It was clearly just a marketing pyramid scheme of selling more and more programs because none of the other members were getting any further along to buying any properties.

He is renting the unit and will carry a bit of debt for a couple years but once he is clear of that he will do very well for himself.Park owners want their empty spaces filled. 

I had a non-performing loan once where a borrower would do a deed in lieu, but there was a deceased co-borrower, and my attorney required me to go through the foreclosure process to clear title.The borrower knows you’re foreclosing and does not contest the foreclosure and “turns over the keys” to the lender.  

Companies like State Farm, Allstate, or Chubb often come up in conversations, but comparing quotes with independent brokers might give you the best value.Since you're in a general partnership, it”s critical to clearly define liability exposure.

Clearly define terms, including an exit strategy, buyout options, and how proceeds will be split.

To address this, the lease will clearly state that any credit will be returned at the end of the lease term.

This then will leave the property free and clear.

As for submitting an LOI without proof of funds, sellers may still consider it if you present a well-researched offer, highlight your experienced team, and provide a clear financing plan.

On the new field we bought, cleared and planted. 

@Brian Rocha It’s clear why most lenders insist on including rehab funds in the loan, and all of our partner banks follow this practice for fix-and-flip loans to minimize risk and meet securitization standards.