Basically you are giving this man a chance from losing his home, with the intention of buying it back at 367k (75%) + 49k (10% of house value?)

Whats up James-That is a very funny story and if I were you I would be a proud father and lucky man as I am sure you are!

The idea is that I as the investor would contact Realtors, and ask the agent to provide leads, which would be sellers who have had their home on the market for a while and it hasn't sold.

Came into my home, and called my fiancee and I a scumbag, because a few dishes were in my sink and my cabinets were not washed.

Not only am I a researcher by profession, it's really something I love doing.

Check your state laws, most of them set the maximum late fees.In Iowa, it's no more than $10 per day with a maximum monthly late fee of $40.

This i as buyer and rehabber could loose everything i have put into the house.

I am out in California, I am a licensed Broker, my brother is a real estate lawyer and I have my best man as my general contractor.I am going to focus locally as LA properties ( in higher end areas ) seem to be my niche.

In Iowa, we are not required to "store" personal property, period.

Originally posted by Mitch Kronowit:b]California Corporations Code Section 17158[/b][i](a) No person who is a manager or officer or both a manager and officer of a limited liability company shall be personally liable under any judgment of a court, or in any other manner, for any debt, obligation, or liability of the limited liability company, whether that liability or obligation arises in contract, tort, or otherwise, solely by reason of being a manager or officer or both a manager and officer of the limited liability company.Mitch,Don't overlook the key word in the above citation -- "solely".