Funding with hard money for your first time will cost you your right arm and first born.

It is actually a 10/1 ARM, so after the first 10 years the rate will adjust once per year for the remainder of the 30-year term.

Trust the numbers—if they don’t add up, don’t force the deal.

Biggest clauses are: who's responsible for what, what are the penalties if someone doesn't perform their duties (including forcing them out) and what happens if one party wants out and the others don't.BTW: your brother should do this with his new girlfriend BEFORE paying part of her mortgage!

[Similar to the Student Loan Bail-out where people who made different (and smarter) choices, are forced to give up  their hard earned money to others.]2) When is this country going to really realize that we are headed down a steep slope to ruin?

I was uncomfortable with the forced-timeline of the 1031 (even with the economic stimulus extensions.)

I would advise you to look for a house instead of a condo.Condos have many fees, rules and can have expensive assessments for repairs and improvements that you will be forced to pay.Also Condos are a dime a dozen so the competition is fierce which drives the nightly rental rate way down.

Between forced appreciation on general improvements on the property and the capacity to add an additional residential structure, the sky was the limit on value growth.

Rogelio,I would check with a local Title Company to ask generally what they have seen in the past.Check with an insurance agent, even specifically the borrower's insurance agent, as to required terms.Finally, armed with that info: work with an attorney to draw up ironclad docs.My 2 cents,Mike 

You should be focused on learning more about the strategies you are proposing and going to meetups to meet other investors, and less on how to force action too soon.