You need to learn how to prepare a closing statement, sit down with them and go through the seller's expenses that are customary, you'll get to that point and they are more likely to give you the number (about as they never know really).

If it's private money or a HML lender then the rules might be different.Now if a family member or whoever gives you 10K and it's been sitting in YOUR account for 60 plus days then you're golden.Remember that you're also going to need to show 6 months of reserves for the each investment home and 2 months for your primary.I hope this helps and have a great day :)

For me, it just doesn't make sense to be sitting on a property that is more expense, making less money.  

If it is just sitting there- well- you pay.

Welcome to BP community @Dan S.  It

Definitely NOT tear down material if you ask me.And then there are those homes in Richfield MN that seem to sit on 10.000 sq foot lots.

With friends and family we can be flexible and usually its better to earn something on the cash which is just sitting there.You can make the deed of trust in lender's name and in any scenario you default on the loan, he would would have a tangible asset which he can use. 

I'm here to learn all I can and hopefully develop a stream of cash flow to allow me sit on a boat  somewhere rather then at work all day .

Would you all mind if a newbie potentially sits in for the learning experience? 

@Daniella Ortiz My main suggestion is sit to discuss clearly what you and him want from this business relationship and what will be the responsibilities of both.