As long as they are properly filled out, make the proper claims and are signed and notarized they are no different than having the original note.In this case, the LNA is more of an instrument of ownership than the governance of the debt.  

If they do not set the proper expectations on the front end, the investor will not be prepared for lean years when those properties return a fraction of what was expected.  

@Chuck Smith I am happy to see your positive perspective in executing your first wholesale deal!!

No....I think the bulk of the funding platforms lack the expertise to underwrite projects properly.  

Every investor, properly concerned with very specific and measurable outcomes, takes on some amount of effort to reach those outcomes.If that effort includes reading prospectuses in order to pick stocks, so be it.

Most people hire a contractor for a job based on their skill to complete the job, and rarely fire a contractor because they don't have the skills to execute the job.

With apartments you must have a strategy to bring and keep rents at market and reduce expenses and a manager/company who understands and is capable of executing that strategy effectively. 

You can assign the contract, if it doesn't prohibit it, or you'll need an addendum executed by all parties.

They had paid the proper sales tax and had no idea they had to pay income tax as well.The short answer to your question, @Coleen Mathis, is that California has no idea what your profit is, but isn't willing to take a chance that you'll intentionally or unintentionally forget to file a California non resident return (like the clients I mentioned above).  

I am definitely thinking more about the appreciation for this properly vs the cash flow (for now).