It's important to choose that one and commit to using it.

So, beside the question that needs to be asked by the passive investor as to whether the sponsor is a fraud, is whether the sponsor has the moral compass to resist the temptation to commit fraud if things don’t go their way. 

Yes, it is work to do this, but if you commit to it, I know personally it will help you to be a better investor!

Investors connected and contacted me from BP the third week of May, frustrated with their STR search due to licensing restrictions, but committed to finding a coastal second home eligible for vacation rental usages before the end of summer. 

Most builders require you to provide a Pre-approval letter or Loan commitment from the bank.

However, if you think that by wholesaling without that commitment you’re going to learn about real estate investing, or you’re going to make enough money to be able to pay expenses and accumulate capital, you’re going to be very disappointed. 

I'd at least have some conversations with the Chicago crowd here about self managing prior to committing to a property manager.

(by itself probably not enough but combined with other factors it could happen) Arguably you have commited bank fraud.

And back to start, to be the best at what one does, takes a commitment to not 9-5 but living it, exercising, train train train, and being a leader. leaders are teachers who motivate and own others failures. 

If the seller agrees they can give up their lien position so you can refinance, but its a risk because Im not sure you can make them commit to that ahead of time.