There is no language required at this point in time. 

Private Lending I would not say is passive, it takes experience & intimate knowledge of flipping to evaluate deals, knowing the flippers personally, and being able to act in case of foreclosure/default. 12% is a good return if you’re lending directly to a flipper.

Also, whats the best way to get a sense of what is a reasonable cap rate (expensive or attractive) for a local area, other than looking at a lot of listings to get a sense (related to above though since this would only be a snapshot in time and these can change over time).I would think with interest rates being so low, it would make sense for cap rates to have compressed over time up to present, since it would take less to service debt.

As to competing M&M liens, a perfected M&M lien is deemed to relate back in time to the date of its inception.

If a seller wants to move up in this market, they typically are pleasantly surprised with their new payment because the low low interest rates afford more buying power, and they can get more for their current home than anticipated.

The retail space was last used as a steak house and it was frozen in time, minus everything that was falling apart due to age.

I would say there's no reason to do a cash purchase at this point in time just make a strong offer with good financing.

Theres something not adding up to me with a 5 /2 that will only net you 50K after 7 years paydown on a 15 year note.If you've done a refi then you accessed some of the profit at some point in time which means that your profit is more than you think.Part of me says keep it and enjoy low interest and the tenant payoff.   

Hopefully you are pleasantly surprised.

We deferred our tax filing this year (both LLC and personal) because we weren’t ready in time, and are using a new accountant.We just received a draft of the LLC taxes, and I’m concerned.