Formulate an LLC, and identify the percentage each managing member owns.

Seriously, at the age of 15, I wasn't capable of formulating or writing the paragraphs above, and I could have attended several schools for free (but choose an expensive private school, which I don't recommend, as I'm still paying for it over 10 years later, lol).

You can figure out the terms of the loan and just talk to the title company/closing attorney and make sure that all appropriate documents are drafted and filed (mortgage, note, assignment of rents, etc.)If you are wanting to get into hard money lending (advertising yourself as an HML to a wide range of investors) then you'll want to formulate a business plan and a set of lending guidelines and stick to them.

Considering you could look at 100 homes or more to buy one, you want a faster, more cost effective way to value your deals and formulate your offers.

With no formal definition of "turnkey" people are left to formulate their own opinion of what it means, and there's no shortage of opinions.

I also still consider myself new to this but began almost immediately determining which direction to head, working on a plan, formulating a team, setting up financing, becoming familiar with my target area and searching for potential deals.

I'm still formulating my strategy (any suggestions or feedback would be awesome!)

@Jeff Greenberg can you explain how you formulated the NOI based on the figures provided (2.7 with a 5.5% cap)?

First off, good stuff in developing a business and trying to formulate a plan to grow further.I am not sure what a "Performance Based Loan" actually is.  

The last two times I just jumped in and tried things versus trying to formulate a plan.