Now the part I'm unsure about, I think it is legal to have a quit-claim go to a Single-member LLC with no worries about the Bank ever asking for the full mortgage amount (see attorney).

Disclosure I am not an Attorney, good legal council is always nice to have. i have referrals if you need them.

To bring it back, I would do a cash business of whatever I can do (legally) to make the most cash, and reinvest it in profitable buy/hold properties and grow it at a reasonable rate.

The property is an old (by Alaska standards) legally non-conforming property and we know that this can be an issue.

There is a property (SFH) I am looking at that has a rental property (2br apt) in the back yard sitting on top of a garage- the entire property is actually zoned as a single family dwelling, but I was told by the owner that because that rental unit/building was built a long time ago, it was grandfathered in as a legal dwelling without special permits.

Thanks Brandon.I read both posts and some related ones too.It is really, really comforting and encouraging to know I am not the only one feeling overwhelmed and helpless.Most of the time I just wish I could find a partner who share the same goal or I could have mentor give me some guidance.Thanks Will.That's my worries...I'm not sure if it's legal in BC and the ways to find buyers and sellers are quite different..

State approved real estate schools, college real estate classes, at first, stay awat from guru crap until you understand the basics and legal issues, find out what financing requirements are in your area.

You may find that you have " squatters"- not legal tenants, low rents-or real reasonable people glad to pay more for better services.

The lender is said to hold legal title, the borrower is said to hold equitable title.It the case of a land contract interest in real estate, like a car, the vendor (lender) holds legal title and the vendee (borrower) holds equitable title.In the case of a fee simple interest in real estate, which is what everybody is referring to in this thread, the lender holds neither legal nor equitable title, the borrower (fee simple owner) holds both.Take a look at one of those title reports one your mortgage broker desk, it will show owner/borrower with a fee simple interest in the property.Although there are similarities between cars and re, they are quite different.Hope I said that right.

I have a legal background and have quite a few practicing lawyer friends - that portion of my "team" so to speak is great.