I over-simplified this.   

Thats the very simplified explanation.

@Patrick Britton - I am not quite getting your thought regarding the sales price being greater than the face value of the loan, but here is a simplified example:Appraised value of home: $120,000Initial loan: $100,000 at 5% interest amortized over 30 years (360 months)Monthly payment: $536.82/mo.Offer to note seller to get a 12% yield: $52,188   (this does not take into account any closing costs or any future servicing/costs)Sell the note to someone who wants an 8% yield: $73,159Your profit (difference between 12% yield and 8% yield): $20,971This is a quick calculation and does not take into account all the details, but it gives a sense for how the discounting process would work. 

Thinking to buy cash to simplify closing everything on time, then refi them later to pull some cash out and add some additional rentals. 

A simplified example: $300k purchase, with $40k in improvements, that then appraises for $400k, means you can take a cash out loan at $300k if 25% equity must be kept in it.  

John, the trust you mention certainly simplifies some of the issues surrounding how to structure a potential 1031 exchange.  

Email is always primary, and simplifies filing and record keeping.

The only reservation I have about CS material is that it tends to over simplify certain concepts.

Pizza boys all over the country start dumping properties back onto the banks as they can't pay for them and the effects ripple from there.I'm over-simplifying obviously but that's generally how I remember the loans being structured and how it unraveled. 

So, I just got to thinking how overwhelming this could get if I were doing more deals and spending more time generating business...a tool like this just seems it would simplify things so much.Thanks again, Chris