If you receive a deed in lieu of foreclosure you will need the correct payoff and discount for tax purposes again.And, if the note is subject to Truth in Lending, you need to have an accounting of interest within 1/10th of one per cent.

However, it really intrigues me as to why people want to sell these units that have an 8 to 10 percent cap rate?

You can do well in RE for a lifetime and never use the term "Consultant", please don't go there. :)

By being a perma-bear, you're missing out an opportunity once in a lifetime to get ahead in life and put your family and possibly future generations on a solid foundation for years to come.There are certain things in life that you can control, and your destiny is one of them.

(he doesn't mind it being a few years as long as he's collecting a higher percent than what he is getting from his bank annually)What legal paperwork should I draw up for ease of mind?

Or to put 20 percent down on a $75,000 house (let's assume minimal rehab, possibly also Section 8) that will cashflow about $100 per month, but the renters are paying down the mortgage for you?

I have a few very good friends that are very well off and don't know where to put their money, so my thought would be to find properties (mostly rentals) have them buy and then "buy" the property from them on a contract for deed, other areas of the country call in owner to carry, I would like to know what a far percent payback would be.

Owner agrees to compensate Manager as follows: Owner agrees to pay the Manager ___12 (twelve)_ percent of all gross receipts and income collected, as a fee for managing the Property (gross receipts are defined as all revenues of any type or nature collected from the operation of the Property), including but not limited to refundable deposits; which fees, plus all other expenses of any kind or nature, direct or indirect, as to the Property and management thereof, shall be deducted by the Manager from gross receipts and income, and further agrees to abide by the conditions set forth by the Manager to the tenant on the Owner’s behalf. $50 monthly fee on months of vacancy.

Someone who would invest with me (using the decent stack of cash I do have) and teach me, in exchange for a percent of my profits.Today, immediately the morning after posting the ad I received a phone call from a man that owns a wholesale, rehab, and brokerage in my hometown.

I doubt you are if you put 20 percent down.