Even Especially if you are borrowing from friends and family, you should use formal lending agreements and register the lien against the property (mortgage) to provide security to your lenders.

I've read Rich Dad Poor Dad and I know that a lot of the reason people is for job security.

Particularly on the Maryland side of the border, the state of Maryland no longer allows agents to be involved in the negotiation process with the bank....this has dramatically increased the degree of difficulty in getting a short sale through.

In my day job, I am a corporate and securities lawyer and I frequently help real estate developers structure the legal entities they utilize for the investments and also comply with federal and state securities laws in connection with bringing on investors.  

Secure lines of credit, pay off consumer credit cards, and save cash. 

New to BiggerPockets forum posting (but not the blog which I love)...long story short..we have 4-flat in Chicago that we inherited and are under contract, but not clear if the buyer can secure the necessary financing and the deal may fall through so we looking at our options in case this happens.  

What about security deposit?

For now, let’s focus on the four categories you’re most likely to encountering when investing in real estate through an online investment or crowdfunding platform, going from the least to most risky:Senior Debt is secured by a mortgage or deed of trust on the property itself so if the borrower fails to pay the the lender can take title to the property.

Once i secure financing should I make a even lower offer?

Typically on an investment property I have been asked to show proof of security deposit, leases for tenants and some lenders have asked for 3 months verification that the tenant has been paying (i.e. on the property bank statement).