(ok i exaggerate), I go into the unit knowing it history and fair market value, it's only to see the real condition (knock off more $$ or see hidden potential). to solidify the deal or go back to the drawing board.

My wife will now be an employee of the corporation since she's working in the business full time, so she can draw a salary.

I've consulted with my attorney and he has stated that he could draw up the paperwork as soon as I have the deal now it's just nailing one down.

Sometimes you just have to draw the line.

I am cleared to do a reverse cash refi, so I can draw on $275K at 4.125%.

Do you recommend that I draw up a purchase agreement and what disclosures do you recommend?

geez bill..i hoped if i stayed away for a few months, you'd go find another website where you could hound people :) seriously though, i don't see the tax implications of an untapped line of credit..there simply is no interest to pay if you don't draw on the line...and i don't see how it's fraudelent or a sham either, if the money is truly available...now a 40k swap for a 40k swap between pals is one thing..but having a buddy set up a line of credit for you, and you setting one up for Tom, who had one set up for John, who sets one up for Ann, etc...

I also like Draw Free - also for the iPad for highlighting things like this:

Payments are interest-only for the initial "draw" period; after initial draw period, balance will be amortized with principal and interest being paid.Contact lenders to get exact details.

I have entered your weekly draw for the book, hope I can get one of your free copy of investing book.Thank you Joel & J!!