As you learn, you will realize more of what you don't know and then seek to fill that void. 

That way when you are back and you have your capital back, you can start to work on the opportunities you seek.

Have not done business with them. 20% LTV no prepayment penalty 25 yr amortizationI live in Nj.

Hi Chicago BP members!  I'm hoping to find recommendations on a General Contractor for Chicago and the West Suburbs.  Thank you in advance for any suggestions.

And if he's not willing to do that, I want to make sure that he's going to stay on schedule with a heavy penalty for getting behind schedule.

Justin -- you may have already received the clarification you were seeking, but in case you haven't, wanted to provide some insight. 

Or seek capital from friends and family to avoid the PMI and get a conventional loan for 20% down?

In Dodd Frank, they anticipated that some might carry paper to get around Dodd Frank (not that you are doing this) and therefore they also "cast their net" over seller carry backs.Most importantly, please don't rely on what I say, except to inspire you to seek legal advice (which I am not qualified to give) from a qualified attorney in this area, and structure this so it doesn't get you into legal tangles or possibly worse, interaction with the CFPB.

I also have a good title company in Atlanta that i've worked with before thats pretty good.I am trying to seek more information on the do's and dont's of auction.com, hubzu, and just simply purchasing at an auction.

You seek a specialist.