Please consider uploading a personal image so you stand out a bit, and so we can recognize you better as you travel the site.Good luck and I hope we'll be seeing more of you here on BP!

Hard to find and much lower LTV-is it even possible now without breaching the related party issue?

Forming a partnership makes each partner equally liable for all the other partners - - check this with your personal attorney for ALL the details.There are two reasons for legal entities of any form:to define the relationships between the parties and the economics of the entityto isolate ones personal life from the professional activities, including liability of the entity from reaching back into your personal life/assets.

Speaking about out-of-control spending, the debate is beginning on Obama's proposed budget.Here was an interesting comment: House Minority Whip Eric Cantor charged that Obama's budget is "so far out of the mainstream" that even members of Obama's own party are reluctant to support it.Story: http://news.yahoo.com/s/ap/20090325/ap_on_go_co/congress_budget :cool:

Do we stand a chance in hell in getting 100k+ business loan without any current income?

Not trying to be a party pooper, just giving you the lowdown on what can happen..good luck!

The really good part is that they'll waive the $500.00 close out fee if we pay off what we borrowed within the next 6 months.

At this stage, the property becomes an REO - which stands for Real Estate Owned.

When we do spec flips, we usually aim for sturdy long lasting upgrades with a little bling here and there, or nice ROI potential in the sales price, to make the house stand out from the others on the market.

If your property stands alone on it's own value, you will have a better opportunity to obtain financing.