I had a couple of investment properties back in the 1980's which I sold, and I've done nothing since except read.

This is no exception for insuring a garage that's about to fall down:) If you cant make it work, use the financing contingency where bank underwriting rejects loan without an insurable property and get out of the contract.

The endorsement is needed on the contract assigned setting over the interests of the assignor and signed by the assignor.As Wayne mentioned, a double closing will require another contract, identical terms used except that the price is probably higher to the end buyer to show your profit. :)

They have not paid rent this year, except for a $300 partial payment made to the former owners on March 22.

I rolled just about all the associated costs into the loan with a couple exceptions.

This is not much different than finding your own borrowers, except you obviously don't have to qualify the HML, since that's now you!!

I think Joe is really in the insurance department of an institution that buys paper, at best, just my guess as we will never really know, what we do know is the lack of attention to details, but, in time, he does grow on you and certainly adds flavor to any note discussion.

Those were not possibilities I would have thought about on my own (except maybe the borrower's brother :-) I appreciate your suggestions and your time.

It may very well cost me some deals,but it is who I am.The way I see it is this, if the home is FSBO and they have tried for some time to sell and cannot for whatever reason and I can come in and offer to put it under contract provided I can find an end buyer (having a GREAT deal) through my contacts (which I do not have YET lol) that the seller does not have, then they can either except it or I will move on.

Realty Mogul follows 506b (except for their Hard Rock investment).