Typically the sponsor (you) still pay a preferred return to the investor and then if property makes more it evens out (called waterfall).

I've been to four or five of my local meetings and at the last one I asked one of the bigger private lenders what he typically looks for in a deal. 

Depends on the city And state but typically between $25-40/sq ft.

Yes, it can, but typically if its a one time capital expense that in any other year would have been income and its the kind of expense that only takes place once in 15-30 years, then as a loan officer, we can add back that as income in most cases.

Larger banks do have a more regimented process but smaller banks do have a department, SAG, Special Assets Group that handles these properties and a typically an REO manager.

In Pennsylvania, you cannot just hire an MLO to handle origination unless you already have a state lending license and everything that goes with having that license.FYI: The typical MLO will not be qualified to advise you on all you need to know.

Typically though your mtg gets wiped out and you May be entitled to some of the surplus funds, if any.

These are typically trust companies such as Kingdom Trust Co in KY and IRA Services Trust Co in CA among others. 

Terms stated in LOI are typically not subject to re-negotiation later.

Typically you’d send it to your title company and then to your lender if you’re using one.