The basic criteria is:1) a good rate (such as 7% and up)2) note value $20K and up3) seasoning can be less than 6 monthsI will present the note on your behalf.

Therefore, depending on the terms of the note, in just a couple of years you could be paying A LOT more per month on the same mortgage (and it is all interest that is basically flushed down the toilet).You should consider shopping around for other lenders.

I've also lived in the house for 5 years and basically did a rehab on it after I bought it from the bank.

There are companies that pay you to do these BPOs - basically you're helping to do a CMA for REO properties.

Basically you want to become the "Mayor".

Ive finally found a close friend that wants to back me with money, basically Ill do the footwork, and the organizing and he puts out the money..not a bad deal huh??

A deal in your situation sounds too close to cecoming a massive disaster--I would recommend you spend the money and see an attorney.I would also suggest posting this under the "Legal Issues" heading and see if any of the legal gurus around could give you more specific feedback.

I'm starting basically from scratch.

Im not interested in keeping the house, I just want out, basically I've walked away.Its in Michigan, if that is required.I appreciate any replies here, Thankyou.

I have the advantage of working with some very experienced, knowledgeable local partners here who have spent three years building a massive list of real estate investors all over the country.