It may vary depending on the area of town so it might be a good exercise to see which part of town to buy a property.

Was their an understand of your role and the worth of your role?

Or Party A could sell you (Party C) the Note and Mortgage/Deed of Trust that Party B signed, then you would take on the role of the Mortgage Company, and could foreclose on your friends, to get the property.So from your response of "He is also keeping it out of foreclosure so I can buy it for the amount that is owed

Mandated 1hr exercise?

This is what started the series of "what ifs", purely as an educational exercise.

It was however a good exercise to understand each other's search criteria, and it was a sort of dress rehearsal to prepare us for future deals. 

Find a way to get involved in real estate even just a part time role to understand it.

I knew veryquickly that Bigger Pockets is something that I would like to beinvolved with as I start my own RE investing journey.My Background: I ama CPA with 15 years of J-O-B experience in public accounting,banking, finance, and operations roles.

My role was to raise a portion of the amount needed to close (down payment, repairs, reserves, etc.).

We will do a 50/50 split and we understand our roles.