Our bottom line is to simply pull out the equity for use as we see fit.

It looks like these houses are simply bigger (700-1000sq ft larger) and possibly newer.

The reason why I asked for a mentor, is because I read in this forum that the main reason some don't have a mentor and wish they did, is simply because they didn't ask!

For example, one partner has cash, another has construction experience, and the third partner has a real estate background.It sounds like you both possess similar skills, time constraints, and lack of experience.

Rate and term applies when there is an existing mortgage and you are not looking to borrow more than the outstanding loan balance; you are simply looking for a new interest rate or new term for the payback period.

Building located in good location with plenty of parking.Asking price: $1,250,000.00Gross inc: 264,000.00OE: 120,700.00NOI: 143.000.00Maintenance appears to have been kept up and facility seems to be in excellent condition.Any thoughts about this and what I should be considering given my lack of commercial experience?

Building located in good location with plenty of parking.Asking price: $1,250,000.00Gross inc: 264,000.00OE: 120,700.00NOI: 143.000.00Maintenance appears to have been kept up and facility seems to be in excellent condition.Any thoughts about this and what I should be considering given my lack of commercial experience?

True colors show through when someone suggests that it's okay to cross ethical lines and they simply can't be trusted. :)

When I asked to borrow, I gave them my preferred lending terms, so they knew I wasn't trying to simply take their money and run.For my deals, I started with the cash from my friends to buy a house outright ($18,500 purchase; friends cash was secured with collateral OTHER than the house).

Seneca, getting a house under contract simply means that a buyer and seller of real estate come to an agreement to transfer the house.