They actually granted us an exemption from the requirement for some time, because A) they knew is was really not viable, and B) we have a solid track record of providing quality client education that they could trust.One option may be to move your IRA-owned LLC to another custodian that does not have this requirement, which really is meaningless window dressing.I will add, we are a  very compliance oriented firm with a distinctly conservative approach to reporting and operations using the IRA LLC platform. 

@Luke GrieshopFirst position is the first note and mortgage lein recorded against a property.Second Position is any subsequent note and mortgage lien recorded against a property that already has a first.Basically First and Second indicates superiority of the lien and who has first dibs when it comes to foreclosure. 

Auction.com handles foreclosures too... and likely H&M as well... so this is dangerous water to wade in without experience.Absolute first step is to learn how to access all necessary public records in order to conduct a basic title search on your own.

That is big variance.If he owns that much then likely a lender he has used in the past is going to give him the best terms with his track record versus a new lender relationship that is unproven and a one off loan.

Thankfully the applicant was honest on the application and said she had something on her record so I did some digging into county records on my own.

Collin Schwartz has been organizing a Bigger Pockets Meetup in the Omaha area.

Here is a video I recorded with a walk through a few years back.

As far as how it might affect my descision making process; I am more influenced by income, credit and past record with employers and landlords as a reflection of their character and behavior.

Unless I knew you personally and you had a good track record of flipping, I would not lend to you under those terms.

Hence, we are knocking houses down at a record pace because the ones in really tough shape are never sold.