You need a license in Mo. if you manage or facilitate any sale or lease for an owner.If you own the property you will not need a license.Mo. is not really agreeable to the equitable interest angle, doing one deal will slide by, doing 20 deals you will be seen as being in the business and doing contract to circumvent law.All RE is local, you really need to look at what is customary in your area before leaning on strategies passed out on forums.Sandy, you are in Jeff City, the state regulators are just down the street, I'd pay real close attention as to what is expected in the neighborhood.I suggest you ask a local attorney as they will certainly know how such is viewed in that jurisdiction. :)

When they went to get the gas turned on during the first week of their residency the gas company mentioned that they couldn't turn it on because the stuff from the water heater to the furnace wasn't at the right angle (my terminology sucks, sorry!)

While there are some basic matters that are consistent nation wide, federally, state laws vary and someone who deals in one state may not be accurate in assessing issues in another state, so realize the sources of information.

It has a footprint of about 18' wide and 30' length.

To start looking, you might look for a realtor who has a site that will let you set up your search parameter (keep them wide at first and analyse a ton of listings) You can also look at Loopnet and Cityfeet websites.

There is a wide belief out even among realtors that if you allow a second lien and they don't pay then you can get the house back subject2 making the payments on the first and they will tell folks that all day long.

He owns a world wide tech medical manufacturing business, net worth is, guessing over 50M, he doesn't need my money!!!!

Realtors can also assess the conditions of specific properties rather than paint all houses in the same market with a wide stroke. 

Lots of angles can be played.

Sending a borrower to jail doesn't make payments either.If folks don't know how money can be lost, they haven't been in the business long enough.No, notes are not rocket science so much as being aware of a very wide range of issues, beyond discounting a value to a yield and looking at a property.I'd say too that Dave has a good reputation here, I have never heard a bad word.