Originally posted by @Carini Rochester:While I have not heard the term 'paper lot,' I'll take a shot at it.The subdivision has been engineered, drawn, surveyed, approved by the municipality, filed with all offices (D.O.T., county surveyor, water district, etc. but no work has been done in the field.

There's already post here with a response a few down that covers the types of forms that you should be using: https://www.biggerpockets.com/forums/49/topics/413352-private-lender---forms-requiredTypically, the lender (you) provides the forms after their attorney drafts them, but the borrower (your friend) would pay for the cost of doing that.  

One thing I will say is to start before you think you are ready, learning from experience will always be more valuable than any BP post or youtube video that you watch. 

Originally posted by @Michaela G.

Newbie here to this site...first time posting. 

I'll typically contract work out, unless it's something I can handle myself - Residential purchases to turn into rentals (12 months or longer)I read a few posts and did some research, but I want to be sure I am selecting the right NAICS code.

It's huge and they have lots and lots of people coming in for events and missionary-type postings so they tend to make up a fair portion of the renters and, historically, are good renters.

I posted the definitions in our policy below. 

Hi Jinesh, congratulations on your 1st post.

You can post this but you never know how guests are going to act.