Now, my preference as a lawyer is to get the one that stops almost anything, but it is a pain to deal with AND most people won't use it.Very curious what other people think though.

Even in large companies implementing that thing is kind of a pain in the *** for some reason.

I just chalk it up to a pain in the --- fee.I hate dealing with these types of people.

You'd not only have to replace your spendable income, (after tax, so start with your gross income), but then you'd have to replace your benefits, health insurance, contributions to IRA/401(k), etc.

Maybe I shouldn't be taking it literally, cause I don't understand the concept.If I get a paycheck - I get paid right after the government , state, county, health insurance company get paid.

We bought house together but everything is in his name now that his health has gotten so bad I realize this was not a good thing to do.

I can't see the fed increasing rates and adding to the pain.

No matter how good the financials look on paper, the reality will be different and painful.

There are newer banks opening now or that have in the last few years that have healthy balance sheets with little to no toxic assets.I agree that many of the local and regional banks cannot take the write downs on commercial or they will be insolvent.They might have only funded a few commercial loans that went bad but they were big ones compared to the residential notes they are holding.I disagree that regular sellers won't sell.Core markets have already heated up and have driven cap rates down for A product and A location to just a little above the boom times.The problem is the local to regional banks hold the majority of the commercial distress in tertiary and secondary markets where recovery will be slow and painful over many years.Recovery starts with A assets in major urban city cores and grows outward over time.There are many buyers looking to purchase and to get a standard commercial loan need a performing property with high occupancy.Otherwise they need all cash or a hard money or private partner going in.Restructuring of notes on the pre-foreclosure side with a capital injection is also gaining traction.There are groups that have to deploy capital in a certain time frame who have optimal areas.Once they see they cannot hit the numbers they want in that area they have to adjust the expectations of the investors,return the money,or branch outward to areas that offer greater returns more inline with the investors fund expectations.Regular sellers are selling.Cash buyers want a real low basis.So I am seeing sellers do a wrap or hold a second or other creative means to get a higher price with some down for a buyer.For the buyer it lets them leverage the limited cash they have into a larger deal for upside in the future.Example for a 40 unit with a wrap and all cash investor would demand 13 to 14 going in.

Do not do along term note with an elderly person, it can back fire on you.If they have kids, get them involved to the extent that they at least know what's going on, if your don't, you might have trouble.If they are in poor health, keep the note short so that the value of the note will be higher for the seller as they will likley need to sell it.Get with the seller's attorney!