Hi All!I was planning to buy my first rental house at $300K with 50% down, and after just talking to a banker from Chase private client, there's seem to be a better way to do that.My current primary house:Value: 1100K...

With most contracts you only penalty is your earnest money deposit. 

Readers are advised to seek professional advice.

So the lack of a late fee penalty is definitely not good, but nothing you can do about that for now since it sounds like you inherited that lease.

The same investment seeking 12% requires a lot more work, some more risk, and more time to put together a portfolio of notes.For someone who wants to enter the note BUSINESS as opposed to just investing their own funds in notes, the learning curve, time, effort and knowledge needed is much greater.

Greetings everyone, my name is Rick Shepard in Huntington, WV. I am a contractor in this market and used to be in the real estate investment business several years ago until life took a different direction. I am getti...

But I have seen lots of advertisements from investors seeking newbies to bring them deals and do the work for a 50/50 split.

@Christopher Smith I agree the process is fairly straightforward but the risks of doing it yourself and having the IRS throw out your conclusion and taking on penalties and interest for under reporting income is something to factor into your cost decision.

But this contradicts you forming a partnership.I would question the accountant with facts that you found.You may need to look for a new accountant.There are penalties(Fed and State) to consider for failure to file a partnership return.

 I am looking for a CPA in the Dallas area that can provide advice on self-directed IRAs invested mostly in real estate. Someone near Las Colinas would be optimal.