The thing is he wants to sell it directly to me (FSBO) without the use of an agent to save on commissions.

Congrats on the remodel as I imagine it is done by now.

I wanted to know what are your thoughts on the 70% rule.

.: Hello, I have been seeing increasing opportunities recently to bid on non performing notes on commercial properties that banks are trying to offload.These notes usually have the following characteristics:The note has reached maturity several months ago.

I had a drafted reply to you and still working on this deal. 

Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

Make sure you get him/her on your team.I believe in multiple partners on a business like this since (except for the alumni friend who actually might not have that much experience), y'all have no experience.

I have seen it on padsplits in ATL on the brokerage side - best way to mitigate risk is on the purchase AND exterior maintenance. 

You pay the tax on the gain allocated to the years of 'non'qualified use.4.

I attend both and I'm on the Board of Directors of R.O.A.Finally, DM me here with your phone number and I'm happy to open doors for you locally.