When I got my license I went straight to Equity with no problems.

(Although of course no guarantee -- they could be partying all the time and still get straight As but that would be more rare!)

While getting our plans drawn, we have focused on making it square and straight without making it plain.

Tony, I've done some deals and have done wholesaling, buy-fix-flip, lease options, straight rental properties, & land acquisition.

A 70% share would get the investor 7,700 which is less then the preferred return, therefore the get $8,000 and the sponsor gets $3000.Jumping to year 4 and an NOI of $15,000 a straight 70/30 split will exceed the preferred return and therefore the preferred return does not apply.$10,500 to the investor and 4,500 to the sponsor.

If they have any relationship with him, they'll set him straight.

I have actually seen some of the VA backed properties go straight to lease after purchase due to deployments or impromptu PCS orders.

Depending on the state and chapter of bankruptcy (7 or 13) the payments might have had to go straight to the Mortgagee or through the BK trustee.

Still very easy to see where this will be profitable, then the additional units will drop right straight to the bottom line..But...

If you don't have answers to these questions you may find yourself giving the property back to the owner in 2 years and all that negative cash flow will go straight to the owners pocket.Based on what you have stated so far I would not do this deal.