Interest only, say a five ten year balloon and no prepayment penalty.WIth your other properties encumbered you can buy new properties and then assign the needed collateral and release the other.Now, there is a scam type deal out there that has an agreement where a borrower can substitute collateral at will, at their whim and on any property they choose, very dangerous!

Aloha,All you need to do, assuming you want to, is draft a "substitution addendum" to remove the party that is leaving, and add the new party.

I wouldn't let it become a substitute for normal screening, though.

Last, there is a statement that says "all parties to this Note ... agree to continue to remain bound for the payment of principal, interest, and all other sums due under this Note and Deed of Trust notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Note or by way of any extension or extensions of time for the payment of principal and interest, and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them."

Lots of research at home, but no substitute for in person research and in person networking at the auctions.#4 Online research you can look at various websites as a start...valuations, flood plan maps, google maps, google street view, google sat view etc...but that maybe helps you eliminate properties not 100% which ones to buy.#5...depends on you and what you buy.....how much money you have and how much you want to make.   

they said they just wanted to push ahead as all parties were present and they would make a substitution of names on the court's paperwork.

There is no substitute for visiting properties and seeing (literally) what you get for your money in different markets.

I believe the other two housemates would like to stay, so one solution is for them to find a substitute and allow the unemployed to move on. 

When used as a substitute for "Subject to", it circumvents "Due on Sale" because the title doesn't "change hands" right away.Seems a bizarre way to sell your home unless you need to do a "subject to" or you have little or no equity and can't raise your share of the closing costs as the seller.The agent may be a "wanna be" REI without enough education or ethics to make a go of it at this point.I'd find another agent...David J Dachtera"Success is not a destination.

For inspections, a great substitute would be Happy Inspector - a very thorough and customized inspection reporting software.