Mike licensed Mortgage lender who can do residential owner occ loans is what a RMLO is.they are tough to find because most work for a broker that will not allow one offs.. when I was current with my RMLO license I thought about setting up for this business but too much work for to little money.RMLO needs to be a state licensed mortgage lender and NMLS registered to do owner occ loans. 

Bottom line as others have said this is a situation to enlist competent legal guidance in this scenario to review the pros and cons.

I’m looking to start this journey with a full head of state and I’m excited to pick each and everyone of your brains

You don't want to repeat this situation.

I thank God for my 20 years of experience in real estate What made you interested in investing in this type of deal?

Hi Mary,It is true the lender will not usually give you the rehab funds in advance, but this does not mean that you must complete all of the rehab out of pocket.

In today's day and age of social media, the Internet and super catchy reels and videos, attracting your attention to higher returns, promising life changing strategies and tips on how to quit your 9 to 5 job; A lot of people really neglect what real Real Estate investing is all about. 

I have listened in on their free consultations just to get an idea of what they offer and what I discovered is that they teach the same things found in books you can find on Amazon written by Brandon Turner or J Scott. 

Let me summarize this for you again, I am not seeking a legal advice, I need hand holding to confirm I am reading the semantics of the deal properly !

This depends on the lender and what is charged in the orig fee.