Do not commit too much time or money without first testing the waters.

And the only way HUD is going to know that the law is being continually broken (and therefore becomes a bit more circumspect about it) is if the people who commit the crime are turned in.So, it sounds like we're all in agreement that the best thing to do here is to turn the guy in...for the sake of all investors...

Many people charge "owner finance fees" or also collect a deposit to make sure they buyer is committed.

Follow through and do what you committed tooThey don't really care what you do with the property after that.

In this case, once you fund a deal, your risk and time commitment will be minimized and you’ll be able to continue to run your other business.

Greg, much like everyone else, I must say that your relentless commitment and dedication despite the setbacks and lapses in motivation is brilliant.

I can see Buffett buying into a national builder who "steps up" to commit to recycling some (thousands) of the Fannie Mae inventory.

Many people don't have the desire, the cash, the risk tolerance or the commitment to want to start their own business, and prefer the stability of a steady paycheck.

Trent no offense but you are talking about a pipe dream.So you have zero experience yet want a huge payout.I have worked for developers assembling land.My biggest project was on about 25 acres with a 600,000 sq ft mixed-use retail project with an after build value of 150 million dollars.Money is tight right now and unless you have an awesome piece of land most developers are doing repositions where they can reface a shopping center and make new again.This cost much less money than building from scratch.New development has a bunch large down requirements as construction projects are required in phases for lending.What I have seen happen is they bought a piece of land as a group.Leveled it with the first phase of money and then starting putting in pipes and concrete and the second round of funding fell through.They could line up more funding but it is much more expensive then what they had before and the percentages would affect to much the partners that have already put in money.So in those types of situations the partners would much rather wait for the lending environment to get better to get reasonable terms for the next round of funding to finish the project plus rent rates will have most likely improved by the time it is built instead of right now and concessions will be down.Holding costs while waiting is a concern but is balanced against other factors.The anchor for a big project like that will wait a few years if the location is that good.If it is a sub par corner the anchor will cancel their commitment and move to a better location instead of waiting for that one to be built.If you like development go work for a firm with experience and put in your time learning the ropes.To think about this other stuff is a waste of time.

That said, ($400) a month is ($4,800) a year... if you can write off $25,000 in losses you might break even after taxes meaning you're living free.Still... great commitment.