@Danita AlefaioIf you are new to investing, you should read a little more on this site to find answers to initial questions; participate in scheduled webinars here, look for podcasts on YouTube; and continue to ask questions here.I am certain that you will see that you do not need to start with a business plan; but rather, written goals, why you want to invest in real estate, what property type you would like to start with, what price point, exit strategies, and how much profit do you want to make on each deal.When you are able to complete the tasks in paragraph #2, you will magically be ready to start.

You don't participate in any other RE discussion here?

Cash notes and equity notes have different collateral dispositions, cash requiring the sale of the property, equity the collateral may simply revert back to that seller and there wouldn't be any deficiency.The deposit may only apply to non-institutional notes, or again, it might just be the Trustee wanting to ensure payment. 

Each merchant (or anyone selling in the Marketplace) should be required to register their company and participate in the rating system.  

I look forward to learning more through the very informative podcasts and participating in some of the various forums.

Having a borrower relationship with more than one institution is just good business, you don't ever want to be a captive borrower in commercial real estate, landlording, fix and flips because, that lender can change policies in mid stream, you might have a balloon payment due and they can sorry, we're not doing these any more.....then what.

Inviting me to participate n the Chicago meetup has been life altering.  

I have a couple of questions:1) Is it wise for the borrower to contact the lending institution and change the address and addressee of the mortgage statement to the seller? 

Take an income approach course from the Appraisal institute.  

Their purpose is to provide access to land and housing to people who are otherwise denied access; to increase long-term community control of neighborhood resources; to empower residents through involvement and participation in the organization; and to preserve the affordability of housing permanently."