The bank isn't going to give you a deed without paying for the property.When you purchase a property, the lender will use either an appraised value or the purchase price, whichever is lower, as the "value" for their loan calculation.

It would be written up as a single payment note to be paid when the house resold or within 1 year, which ever comes first. 

Whichever model you prefer the most important thing IMO is to get a feel for the company and the neighborhoods they operate in.

Good luck whichever direction you go!

Good luck in whichever path you choose. 

If the owner self manages or employs a third party then the resort receives 20% of the rent or $100/night per rentable portion whichever is greater.

Ok lets go back to lending money one o one.your confusing terms.when you make a loan you as the lender are the beneficiary of a mortgage or deed of trust which ever is used.. 

I'd check with whichever government agency provided the identification and do an identity check. 

From what I know, you can borrow 50% of the balance, or $50k, whichever is less.

@Kyle ShookThe loan is based on either the sales price or the appraisal, whichever is less.The refi is based on an appraisal, but it will depend on the scenario.