I have learned some extremely valuable things, procured some great tools and more importantly, met people that will help me on my journey.That being said, @Steve G. is spot on! GO

I wouldn't be wasting other investors time until you have approval from all lienholders on the property.This is includes bank 1st, bank 2nd (if any), bank 3rd ( rare but happens ), secondary liens of judgments, mechanics liens, back taxes, etc.Once you get everyone to agree you will get the approval letters and a timeline to close in.Sometimes the listing agent has a pre-approved offer from the bank on what they will take based on going through the process before and a buyer didn't stick around for the answer.

There is no principal pay down during that time but if you bought correctly you are getting way more on the upside.On the syndicates your return can be great because you take a fee going in, on going cash flow after the investors are paid, an equity percentage, and a fee when it sells at your target time horizon hold period or before.

Josh, the key to the ongoing success of your exchange can't be overstated.  

Basically, there are two parties: the local partners, and the out of area partners.The local partners found the deal, arranged meetings with developer and other parties, will act as boots on the ground asset management for attaining local bank financing, all work with architect, oversee management of construction project, and asset management for eventual lease up/ongoing property management.

I am amazed how much I am learning from the deals I make an offer on.     Go

thank you Richard, what is your opinion on going to the court house and looking for properties. 

simple charge an on going management fee this is quite common..

A lot of the "higher-end" providers that have been on the BP podcast are all about building an "ongoing relationship" (i.e. monthly fees).

All that is essential is that you purchase at least as much as you sell and use all of the proceeds in some manner in the purchase of the replacements.You'll want to be aware of the CA clawback provisions and the reporting requirements ongoing for that.