I can consult with the bank to record it, and then build right away.

Use that one time consultation to define:- An interior paint color scheme (walls, trim, ceiling);- A cabinet/countertop color and type;- Flooring types/styles/colors (carpet, vinyl, hardwood, tile)- Specific finishes (lights, fans, plumbing fixtures, etc)- AppliancesOnce you've defined all these things (I call them all "finishings"), you can use the same ones in *EVERY* house.

Tell them that you can no longer pay (don't stop paying on the mortgage without consulting a lawyer) and you need to get that adjustable rate loan down to a manageable fixed rate.

Either consult a qualified accountant or read up on that subject elsewhere on this site and do it yourself.If you discover that you are losing money, or that you are not getting PAID ENOUGH to deal with problem tenants, then simply move on to a better investment.Your money certainly won't care, and you may discover that sleeping well through the night is a very satisfactory result.

If you're investing with friends, I would just have a very clear, in writing and signed(maybe even want to consult an attorney) agreement as to who owns what and who is responsible for what agreement.  

I would consult an expert before doing anything.  

I currently live and work full time in Tokyo Japan for a recruitment consulting firm and have only recently started researching about real estate investment. 

When the property is sold, you get paid your profit plus your capital back and the seller gets his $160 and you give him a Release of Option.It is crucial you get the MOO recorded so the seller cannot sell the property without you getting paid.Having said the above, I am not an attorney so consult a real estate attorney licensed in your state and have him or her structure it the way that is legal in your state.Hope this helps.

When looking at damaged foundations we will always bring in a foundation specialist for a consult, that event alone has saved us 10's of thousands.

Feel free to give me a call to schedule a consultation at 727- 686-0778.