A non-recourse note must be drafted properly addressing several of the standard note issues and should specifically address the non-recourse nature of the loan.Any security agreement (DOT) made with a NRN should also address the non-recourse nature of the obligation, basically saying that the sale of the secured property shall constitute the full satisfaction of the debt, that is if the DOT allows, states or suggests deficiencies may be saught.I hestitate in saying you can modify a standard note, in fear of someone messing it up.The heading of a note at the top of the page will usually say "PROMISSORY NOTE", this need to be "NON-RECOURSE PROMISORY NOTE".In the recitals as to the promise to pay, "the maker(s) (borrower(s))promise to pay without personal liability this non-recourse debt hereinafter created" You need to go through the note and modify any statement that implies personal guarantee.

Love what you do to make money at your JOBhang out with doers and not talkers, have a good team of money contacts and REI services people (e.g. agents that own rental properties)learn private money and OPM (read trustetc.com), walk through 200 open houses and track sold prices, know market rents by talking to property managersfind a good RE CPA that knows rentals at your REIAfind a good RE Eviction Attorney at your REIAKnow how to construct a Wholesale offer, a CFD offer, a LO offer, a Wrap - AITD offer (not all are available in every state)Know your landlord tenant lawLearn how to go give a speech (www.toastmasters.com)Learn how to write a blogLearn how to door knock and offer a Letter of IntentLearn how to prospect, present, sell and close (Tom Hopkins, Zig Ziggler)Get referrals and send Thank you cardsRead "Swim with the Sharks" by Harvey McKayAnd be patient!

If you can be patient with me learning and growing, I'm sure I can be an asset to you as well as I'm focusing in Essex, Bergen and Hudson counties.

The developers definitely carry a lot of the blame, but to think the county was accommodating and patient is incorrect.

The facility owner who is experienced and patient will be well positioned for the foreseeable future.  

The LLC pays for the appraisal and the property inspection and upon satisfaction that the property is worth what your paying and the condition of the property, the LLC instructs title to generate a title insurance policy and the LLC deposits the remaining amount due into escrow. 

My recommendation: be patient and continue saving until you qualify for a home in the Bay in a desirable area, preferably a fixer. 

Be patient and spend time asking your questions even if they seem basic.  

Nick, some of the best deals that I have found are through tax sale auctions.There is usually a redemption period (you have to be patient) and these rentals are not usually the best kept up places since the owner is financially strapped usually for 2-3 years before it gets to an auction.

Generally there are three phases in the syndication process:Origination : This phase involves planning, property acquisition, registration satisfaction, disclosure, and marketing.Operation : This phase is really where the sponsor handles/manages the syndication and the real propertyLiquidation/Completion : This phase involves the resale of the property Before jumping into the first phase, Origination, you will want to establish the company that will purchase and own the property you are looking to acquire.