Also, I am not looking to spend a lot of time managing this beyond the initial research, due-diligence required, etc for initial investment(s) and further acquisitions down the road as the climate dictates (ie, real estate investing won’t be my full-time job).

My initial thought is to market it as a 500k property, you may lose most/all of the 440k leads anyway as they can't afford or don't want a half million dollar property.How much interest do you need "while the remodelling is taking place"?

So far, they required full application showing employment and net worth, have checked our credit, requested months of bank statements and documentation verifying deposits, including direct deposits that clearly state what it is for (payroll dept, property management, etc.), even though the program says just verify cash available for prepaids.

My understanding is that the borrower must be current, and their property must be at least 15% underwater, so there isn't too much worry about moral hazard.Sure, the investor in the initial loan loses big time on paper, but not much more (and maybe even less) than they would eventually lose in FC.

You would probably want to get your tax id for the LLC first so that you can enter it on sunbiz. most banks will just need your tax id and to verify you on sunbiz. pm me if you need anyother assistance. banking is what i do as my day job :)sunbiz: https://efile.sunbiz.org/scripts/coretype.exeirs (for tax id): http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-(EIN)-Online

And since these are large groups buying these properties, I dont think they would have a problem raising more money and paying the balloon off(probably from the same initial investors) if rates did jump up to 10+%.

Earthquake insuranceMy initial thoughts are is that it's an unnecessary (perhaps) and expensive (definitely) item.

This seems to me a prohibited dealing.4) Agent Sally, is buying VA Vendee properties, which are initially titled in her name.

There may be some local issue or state tax issue, maybe a transfer tax applied to non-owner occupied, don't know, but Steve makes a good point, state your initial intentions.Such a question is not part of a quit-claim deed to convey title, so what ever it is that you have asking the question must be related to local customs and requirements.

Frank is right based on my research but make sure you put in your initial contract to allow your buyer(s) to enter the property, inspect or examine, holding the seller harmless of anything that could occur.