We stopped doing this early in 2013 when Jim Grey (a staff member) discovered in a conversation with CFPB personnel that they were writing a rule proposal on servicing that required that anyone buying loans - such as a retailer or community owner was going to be required to have the same licenses as the RMLO/MLBs - and that MLBs were also going to need state issued lending licenses to retain service.In January of 2014 the new rules on servicing went into effect. 

This will take time but is something we are excited about executing well on.Impact to Budget:  Time will tell5.

However the deal wasn't easy to execute, here are some of the challenges. - Choose the good contractors: even though it wasn't his first deal, it was the first that required such an amount of rehab; therefore choosing a whole team of contractor and manage it on a daily basis was very challenging; The work took a very long time (almost a year), I believe we should have planned and organized it before diving in. - Some challenges with neighborhoods: We wanted to a verranda to add to the living space, but needed authorization of all the apartment's owners of the building. this was also very challenging, thus crucial in the value of the property.

Usually this due diligence period would last 7-10 days after which the parties execute the purchase and sale agreement and give more deposit money (5% purchase price).  

Working in Illinois (where all real estate closes are handled by attorneys anyway) I just give power of attorney to my attorney - for executing the contract only

Although I am still employed, we decided to execute our "crazy" plan so that we would never have to feel tied to a job in the future.

Hello and welcome, A thought for your future plans - to operate a property management company in Ohio you need to have a licensed broker on the staff.

difference between executory contract vs executed contract does not ring a bell with FHA underwriter genius...  

NON-RECOURSE OBLIGATIONS Note Holder agrees that for payment of this Note it will look solely to the Pledged Collateral or such other collateral, if any, it may now or hereafter be given to secure the payment of this Note, and no other assets of Borrower shall be subject to levy, execution or other enforcement procedure for the satisfaction of the remedies of Note Holder, or for any payment required to be made under this Note.

I am referring to independent offices, typically places like Reality Executives charge $50 a month which isn't a lot but they also expect you to sell which takes marketing dollars and more importantly time.