You need an education in executory contracts.In NM you can lease, and buy on sub2 or a wrap or seller financing.Get a team together that knows what to do.The contracts I use in a sub2 areThe Purchase And Sale AgreementSeller's Due-On-Sale AcknowledgementThe Quit Claim Deed To TrusteeGet An Authorization To Release Mortgage InformationGet A Limited Power Of AttorneyUpdating The Insurance CoverageControlling The Escrow AccountIf The Mortgage Company Calls The Loan Due What to DoAddendum To Purchase And Sale Agreement Quit Claim Deed To TrusteeAuthorization To Release Mortgage InformationLimited Power Of Attorney Regarding Real EstateInsurance Letter (Adding Additionally Insured)Escrow LetterLetter To Mortgage Company Good luck!

These investors try to come as close to the 50% rule, but more flexibility must be allowed as you will need a team to property manage the asset.These houses should not be in war zones.

Who do you want on your team (real estate investing is a team sport and does not start out a singular sport): Real Estate Agent, mortgage broker, banker, inspector, insurance agent, CPA, real estate attorney, property manager.

An RE License on YOUR team is they way to Go, IMHO, The key to this is to pound a round peg in a round hole.

I suggest to all of my customers to get their team (mortgage, appraiser, inspector, property management, etc) in place and then stick with them.

I like a bunch of losing teams,lol.

Our ownership team and legal counsel had a pretty extensive and heated discussion with our original custodian, and from that experience, I can vouch for the fact that the points made above are exactly what is going on. 

Looking to build a solid team of:Investment-friendly Broker/LenderInvestment-friendly Real Estate Agent (local)Property ManagementI'm a huge believer in referrals and word-of-mouth so I'm hoping I can start from there and eventually network for more opportunities.

Thanks - you guys are right, he's just looking for better terms and a new connection - One of his go-to lenders (that we've used before as well) has retired and her replacement team leaves much to be desired.   

I am just getting started into RE investing and I am currently living in a place that I am renting for the next 5 months til I get my first property, but I want to learn as much as I can before I get that first proper...