I was actually going to @mention him, but I've been dragging him into so many posts lately I felt guilty.

@John HornerIf you want to get technical bird dogging is illegal if you get any compensation.Pretty sure it would be considered practicing real estate without a license and any agreement you put in place will just be knowingly trying to circumvent that fact.So if you ever took a bird dog fee your best bet is to turn yourself in to the local authorities and plead mercy by the court.

Wow, I am definitely guilty of thinking that way and didn't even realize it.Thanks again for more awesome advice.

Sounds like a guru who felt guilty over the years charging so much.

If I'm doing any proforma estimate I'll use 10% after PITI.The only reason for me to do such guesstimations is for financing matters.I understand that many investors like to play with their calculators, I'm guilty of that at times to put a smile on my face.

There are some significant hurdles being put in your way and you owe it to yourself to understand the back-room game.My attorney, a very smart man, tells me that the first lesson in any law school is: Don't mess with banks and insurance companies - you are always guilty.

I am guilty of this by using the words market value as it was the easiest and most common term to explain the process.As far as distressed, although proper, it does not necessarily mean discount so you must then use both words in conjunction to deliver the message of buying at a discount.

I am personally guilty of this and my cpa doesnt really see any point for an LLC for guys like me.  

If they conclude you are engaging in the practice of RE without a license then that's what the charge will be and you'll be guilty as they say what constitutes the practice of RE.

This is part of the reason investors get a bad reputation, from people like your "pro".Finally, if being guilty of fraud doesn't scare you then plow ahead.