Another thing to note is in my religion they don't like interest so what ever money I borrow I would have to make them some sort of a partner.Ask $20K ( The property won't just be 20K I will also be investing some)I will be the owner of the property.

The issue came in though because the house had apparently been abandoned by the former owners when the foreclosure had gone through (and on a side note, I found out they owned several gas stations and were apparently doing fine financially but they'd somehow borrowed basically TWICE the current value against that house and figured it was worth the credit hit to just walk away from it!)

Worst comes to worst you can borrow $5k - $10k from your Dad and traditionally finance.These kind of deals are more risky, but if you feel like you can mitigate your downside risk the upside is huge.

Property: Condo - owned outright - current value $300kLoan amount: $240k - 30 year fixedInterest rate: 4.375%P&I payment of $1198/monthOrigination charges: fees: $4250 underwriting: $1120Lender credit to borrower $-5100.00appraisal $435credit report $12closing/escrow fee $500document fees: $100notary fee: $150Lenders title insurance: $450recording charge: $120Daily interest charges (24.8333 x15 days = $387.50)`est closing costs: $2037.00Is this a decent rate and charges?

We went through a balance sheet contraction recession where weak borrowers were (and continue to be) separated from their assets.

Basically, you deposit your money with them, and then you borrow against that deposit.

If you borrow as an individual and then quit claim to an LLC you run the risk of violating the terms of the loan and it could be called due.

Probably something like a 70/15/15 loan is about the best you will do where that 15% is really your cash, not borrowed.

I believe Florida is a Super Lien state so the HOA fees won't go away if you FC.Too, Florida is a Judicial foreclosure stare so if FC has not been started be prepared for it to take a while and know that if you are near the coast you may have very high insurance costs until you either get the borrower paying again or are able to get title and resell the property.

It's much more common for a borrower, especially an older one, to forget something, like the bank had to pay some taxes, insurance, some missed payments, etc.