The tenant can't get kicked out at a moments notice if there is no auction date assigned and the lease is short term or month to month.I agree, there are wrong ways to do this...but there is subsequently a right way.

At first it might be a little slow as you are still learning but for subsequent ones be ready to move quickly.I second what J says about getting licensed, we are still working on that.

I propose that we start when we've found a 4th and move to discussing our "meeting" objective/agenda/structure before discussing our media for communication (IE: group emails, telephone conference, skype, google video chat, etc)Later we'll also need to discuss timelines (how long/wordy, etc) and frequency of meetings as well as defining the type of commitment we'll all have to each other and the group.My suggestion for agenda/structure:My current mastermind group uses the structure set in place by Jack Canfield in his book "The Success Principles".It goes - initially each member has an entire meeting to familiarize all members with their real estate business, experience, positives, negatives, etc.Each subsequent meeting all members have 15 minutes or 200 words or less or whatever we come up with, to cover topics like:1.

Once you find a deed you track down owner, heirs or subsequent owner.

When they are cut down and on the log truck then the lender of record on the Timber deed files a UCC filing to secure their interest for the time the logs go to the scaling yard get scaled up and then accepted by the mill and payment is made to the owner of the logs and subsequently to the lender who financed the Timber deed.. this is exactly how I ran my timber business for 10 years in ORegon and Washington...

It wasn't worth arguing over, I just moved on to the next one.Then there was the time that I went to get a loan on one of the properties I bought and the title company discovered that the trustee's deed that conveyed title to the bank had been rescinded and they subsequently sold the property (that they didn't own) to me. 

Unless the investor lobby gets this whole seller financing part of DF removed with subsequent legislation.

Is that value at least 20% above the purchase amount to avoid MI on your subsequent permanent financing?

It's just that the way you worded your original post made it look like you weren't really looking to do a JV with your private Lender; but rather, you were wanting to work out a way of having two mortgages on a $1M property with just $64k to start off with, and you being the sole profit maker from its ongoing income and/or subsequent sale.

Or reduce the amt allotted for each subsequent unit as your total cash reserve grows?