Hi Elliot,To really analyze the deal, you'll want to factor in a few things (i.e. repair expenses, vacancy, etc) that you may have overlooked from your numbers above.Try searching for "50% rule" on here, or check out this (rather long) sticky thread to get an idea of things you'll want to consider:http://www.biggerpockets.com/forums/52/topics/17612-where-does-the-5-rule-come-from-

I would appreciate help in locating note buying related documents, Note listing agreement, purchase agreement etc. ...

I noted during the rehab we are doing now all the new GFI's are aligned that way as well!!!.

When you lend on your flips, do you create a partnership for that job or does he hold a note?

Note that even if he is paying the payments, the interest expense is being incurred by the partnership, not him.

Use the name you got from the county tax site (I often print the sheet out, take it down to the recorder's office and use it to jot down important notes about mortgages and other liens against the property) to see if the property was conveyed to a new owner (the county tax site doesn't always post the most recent ownership info - they can sometimes be months behind).

Jim Holmes Someone correct me if I am wrong but with the equity in a 51 unit building couldn't you get commercial/private notes to cover the new building or use seller financing?

The beauty of the plan is that the second structure will have 3 people paying the note.

There was another BP member who experienced the same situation I would have to check my notes from when I posted about the fire to update his experience.

However, it may not make much difference as you may be reuired to be on title by the virtue of marriage and they may not take a property where only one on title is one the note or deed of trust.