If anything, this will work to my advantage, since I already know that the calculated NOI is lower than what the seller's pro forma claims.Just now sure how big of a red flag this lack of recordkeeping is on its own and what else it could imply about how the place was managed.Appreciate any advice!

Those same folks know of BP and are on here infrequently but they spent the time and money to get to a position of very great success.Can one get educated on BP for certain.. its just a different method.. and one that is passive.. you don't spend any money so you take it at your own speed.Both can be the right choice for certain individuals.If you have no money to hire a top trainer then BP for sure if fabulous for all the free advice.However having a top trainer that you may pay 20 to 100k to over the course of a year or two and who will basically guide you to a successful business venture is also money very well spent.. but it is up to the person to follow through...

I'm assuming that this implies that the estimated value suggested is contingent to the repairs necessary to take the property to the same standards as the comps used (ARV).Question: What if the property needs some mayor repairs?

While often private lenders are hard money lenders and vice versa, this is not neccessarily true.Also, you are implying that hard money lenders are not interested in the borrower's ability to pay back the loan.

Prepayment does not imply the ability to recover those costs, such as reserves.

Well, as implied but let me say it more clearly, if you want to sell at the same price you purchased it for, you will have little to no hoops to jump through.

While none of know exactly what happened here it seems at least as likely to me that the family is trying to cash in with an ambulance chaser saying they can sue.This $5K thing is clearly BS as reading the attorney response shows that they had to pay off the mortgage (I assume in the just under $50K range based on the auction amounts) as well as the back taxes.I'm sure the investor was still looking at good money, since why would she bother otherwise, but probably the $195K implied in the article.You also have to question the ladies claims of being harassed given she says she doesn't remember signing the deed (But that is it her signature)... or what she are for lunch.

In fact some Kiyosaki books pretty much imply that if you're a REI and you're not an LLC entity (ideally in WYOMING or any other LLC friendly state) then you're playing with fire.So I am lost here as I am trying to start and I cannot find one mortgage lender willing to lend me with an LLC (and I am definitely not investing 100% cash).

As you implied, doing work to make the place better actually creates value.

It's better to disclose the type of deal you'll offer before you nail a price or at the same time, I'll give you X doing it this way, kind of.Naming a price without disclosing how the deal is to be done implies a cash offer or fully financed with your down, it doesn't imply uncommon methods, so if you try to state terms later, you seen as backing out of your initial offer, can't do that.