Could the private lender put a lien against the property if I failed to pay him/her the loaned principle and 10% interest?

$22,536 per year in principle and interest.$4,400 per year in taxes (if the county/city doesn't try to bone you on the new sale down the road)$1,700 per year for insurance$4,500 per year repair/capex (assuming 1% of purchase, could be more)$13,500 minimum return expected (15%, preferably more)For me, only knowing the numbers you provided and never seeing the property's units, I would expect it to rent for at least $3,886/month.

Many people on this site try to do things on the cheap and avoid using attorneys, but this is very short-sighted and can lead to big, big problems down the road if they are not careful.

This sight is amazing...

And that same friend, who has a little more (working) Real Estate experience than me, suggested that I become apart of the  "Bigger Pockets" community.After browsing the sight and reading some of the articles, and blog post, I am looking forward to furthering my education and understanding of this very lucrative field.Until we connect again...may we ALL have "Bigger Pockets!!!!"

Sorry to be harsh but this can go downhill in a hurry. 30-45 days can go on with no end in sight.

If thats not an option looking on craig's list and similar sights to see how many in the area are listed at once, how fast they come back up for rent, etc. would be me next idea for checking from a distance (if that's the issue).

But getting some cash flow, huge interest deductions, huge depreciation deductions, high principle paydown (higher than normal since the downpayment is small), and then appreciation,  I am very happy with my decision to use it as a wealth building tool.  

IMO,  newbie + wholesaling + FMV of 15mill = nearly impossible.Lower your sights and get your feet wet first.

You have $25K in acquisition on each of those and an interest payment of around $3K a year (the remainder of the mortgage is a return of principle to you paid by your tenant).