If you are off on your estimates, it could spell disaster!

First off - Sorry about the topic, this is my first post and I didn't realize you can't correct topic spelling/grammar mistakes after posting.

I would ensure you get a formal partner agreement that spells out roles/responsibilities, timing, taxes (capital gains), cash flow, etc.

I have done short sales but this is the first time looking at an approved short sale, the listing agent says the offer price cannot be less than X.

So in the case where the bank has already approved the price...

There are of course other, more complex ways to do it but just make sure all the JV and operating agreements are spelled out and signed/notarized prior to entering into a contract.

While I won't have a 1st position loan I will be on title along with a partnership agreement spelling out funding, decision-making, responsibilities, equity dispersal/shortfalls, etc.

If it's listed on web, it is supposed to spell rental income.Hope it helps.

We had a cold spell last week.

This legal document will spell out all of your rights and tenants rights.

Especially, since Matt included the language contained in the same statute which details what an agent must do (disclosure as an agent) when buying for their own account.....which is not the same procedures spelled out in the originally referenced section(when approaching as an agent for a listing).Patrick, if the reference "it's the "knowledgable" ones that give us a bad name", was directed at me, you don't know me that welI, I wish all agents as a whole had a higher standard of business practices, and knowledge.