We required pre-approval and $1000.00 earnest to secure it.

Some landlords collect last month's rent instead of a security deposit, assuming they weren't collecting both.

You will also not be able to qualify for any type of mortgage or finance to buy a regular single family either.My best advice to you would be to work, get a secured credit card ASAP (or two or three) to build your credit as I did (currently 3 years in with a 780 score) and get a multifamily (2-4 units) and get an FHA loan.

After this however, you hopefully have enough cash or equity in those 5 properties that you don't need to take out a conventional mortgage to fund your investments because you'll have either the net worth, or the other available options secured.

Environment, upbringing, assets, socioeconomic status, having stake on the line (career, assets, security deposit, something) affect these things.

Plus the developer has gotten grants from the state and many non-profits.

I am looking into becoming a private money lender for a real estate investment company who secures their loans by placing the lender as the 1st lean position and uses a "Reverse Quit Claim Deed" to avoid the necessity of foreclosure proceedings.

I think of an escrow fee as money the closing agent (escrow company) puts in their pocket for services they render, such as, the 50/50 escrow fee you mention, plus demand fee, wire fee, grant deed fee, trust certification fee, loan tie-in fee, etc...all the fees paid to escrow that one typically sees on a hud-1.

Then there is the Financial Bridge Investment group (FBI) the Note Securities Academy (NSA) the Home Loan Servicers association, or the (HLS) then there is Dividends on Debt Managed Instruments (DoD MI).Anyway, let me know when these wealth operators get out of school.Sounds like you're starting off, read the forums, begin in RE with the basics, not guru stuff, try a real school and stay away from boot camps, IMO Good luck :)

also, once i secure funding can I stick this on the MLS to find buyer?