There can be the 2nd lien holder behind the 1st lien holder.

You would put up the down payment and the majority holder would obtain financing for the purchase and rehab. 

I am cash out refinancing an investment property.The cash-out-refi bank that I'm going with came back with a pay off loan estimate about $5000 higher than what I'm pretty sure I owe.I contacted the mortgage holder and got my own pay-off letter showing I owe $128k on the property.This cash-out-refi bank produced closing documents stating the payoff is $133k.I asked about it and they changed the numbers back to $128k without explanation.Is this common?

@Mike Hendrickson so if, as a RE license holder, your supposed to uphold your client's (the seller) best interest, how would you reconcile getting the most money for your client, with not listing it to get the most exposure, and therefore, the highest price?

More importantly with section 8 voucher holders, do your detailed background check, including national criminal, Megan's law, Terrorist watchlist, previous evictions, and so on.  

Hi @Lisa Caro, if you are the lender/note holder, no you do not need to register your LLC in that state.

It's a good thing when notes are sold the new note holder has to abide by the original terms.It reads as so:If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument.

You'll find investors of every type (flippers, wholesalers, buy and holders), GCs, hard money, regular money, title people, dirt attorneys, Realtors, etc.I agree with Jon on the green stuff.  

So, a bond or note holder loses portfolio value if rates rise.

The key to getting it done will be who be exactly who the lien holders are, particularly the 2nd and 3rd.