Heres some details: $172,200 estimated valueLast Sold:Dec 1980 for $8,000Beds 3 BedBaths 2 BathHouse Size 1,207 Sq FtLot Size 7,841 Sq Ft LotYear Built 1965Estimated Value: $172,200Monthly Value Change: $3,900Last Updated: 12/17/2013Bedroom(s): 3Bathroom(s): 1Square Feet: 1,207Lot Size: 7,841Property Type: Single Family HomeMonthly Est.

I keep saying how glad I am that we don't have an ocean here - EVERYONE would move here.Send me a DM, I'd be happy to elaborate on more details.

As @Joe Gore mentioned, you won't be able to do this with any bank that underwrites loans for fannie or freddie, which is *most* banks that offer a 30 year note.One way around this is using commercial loans which will allow you to set up an LLC with an operating agreement that stipulates all of the details of the arrangement.

I came across a 23 Unit Apartment Complex for sale in my Search for motivated apartment building owners and after getting some detailed expenses from the seller I realized that the owner isn't making enough on the property to cover his own debt service.

I don't very often advise people to study real estate licensing education material, however doing so might help you see both the nature of a licensee's relationship as an agent working under a broker's license and the broker's relationship with principal currently if formerly under a listing contract.I'm not suggesting that you get your license, although you may find that something that is ultimately worthwhile in doing.

Skip to the last paragraph if you don't want to read in detail all the complaints I am getting, if you are bored and want a laugh read through.

Details!

Can you provide more details?

State law will govern requirements for a commercial broker.Yes, you can turn in the matter to the State Attorney General, the State Highway Patrol probably has a fraud/scam division, report it to them and get a case file number.I'd call the FBI as well as he may have crossed state lines or pulled the same thing elsewhere, they may have jurisdiction under federal banking laws depending on the details and as financial fraud.

If anyone has a reference case (like a REC Disciplinary Report) please post the details (w/o names may be better).