I will definantly due my due dilligence 2x's over to verify before I move forward.

Or should the wholesaler go for just any property in distress with enough equity within a broad geographic area i.e. a county?

The major drawback is the low income levels, which partly defines the reason for the low prices.

If the treasurer is supposed to initiate an annual financial audit, it may be defined in this board member's responsibility.HOA board members a lot of times hand over the purse to an HOA Management company.

A first lien position with definate security in the property would have been the goal if this was possible but as you and Dion have said.....this is something thats messy, fraudulent and not possible.Dion, I understand some of the issues you are trying to point out.

You can split the profits differently then your capital contributions, as long as it's defined in the agreement.

Which is defined as someone with a net worth of at least one million dollars.

Nicole, I am closer to your age in my late 20's and I definately know where yiur FIL is coming from.

To some extent, they can be defined as you wish.

The term "real estate investor" is often used very broadly to include a number of real estate related JOBs.