I understand there’s some nuance state-to-state in terms of deed of trust usage vs. using a mortgage for the second lien position (our investor in this case).So that we can arm ourselves with the most knowledge going into discussions, could anyone advise what the setup process actually looks like here?

Instead, go with something like “I’m in the neighborhood handing out” as you extend your arm to give whatever it is to them.

Theyre just ARMs with a different name and a one year adjustment period.

A lot of accountants now say that it is perfectly fine as long as it is documented as an arms length business like transaction.  

This way they don’t have to uphold the properties or care for the health and safety of their tenants because they know people are desperate and likely won’t be able to afford a lawyer.

It's hard to say Russell, because we don't have an arms-length arrangement when the buyer is representing himself/herself as agent. 

If I paid off the ARM, I would flip to black cash flow around $450 a month.

Specifically asking about public safety, appreciation vs. cash flow thoughts, and complexity of building a local team (agent, property manager, general contractor).

The holes in the boards were there to hold the plaster (because they did not have spackle yet and still had to plaster), just like the wood lathe would. you can repair the cracks just like you would in drywall, i would recommend cleaning out all loose plaster, using a mesh tape and for the first coat some 45 minute easy sand, this product will dry fast and ready for you to put another coat of it or spackle on it, but you may want to solve why you got the cracks in the first place before repairing, usually something needs re supporting. the wire mesh you talk of in the corners can be cut with a sawzall or you can use a drywall hammer and chop it out at the corner ( if your aim is good ) this can be removed and easily patched then with the drywall, just make sure to wear gloves and safety glasses when doing so.

In general, big banks dont invest a lot in their mortgage arms because they arent all that profitable.