That said, when the market got bad, it wasn't terrible here ... life is all about balance, right?

The invoice says upon replacing the screen they found the sash balances were broken and replaced those as well.

Property needs work and tenants are difficult to work with.

If you’re looking to create a group to pool money and then buy deals, that would be more difficult then if you just wanted to have a group to meet up and discuss REI

The questions I have relate to the details of the transaction (should the loan amount be the original amount, or the current remaining balance?

For you, the lack of time will make it difficult to own properties directly.

State taxes should have a minimal effect on evaluation if you live in CA (excluding property tax) because my understanding of how the income would be taxed is (state income was generated in taxes first if it is a higher rate than CA no further tax, if it is lower rate CA takes what you paid the other state into account and taxes the rest of the way up to their normal rate)  Hopefully that made a bit of sense it is difficult to explain in text format.

One of them is that his mortgage may have a clause that sales the loan balance would happen if the property ownership ever happens. 

Though proposed as an easy intro into real estate wholesaling is very difficult. 

Good luck to get your money back.If you do this out of your 401k - it becomes twice more difficult, because you also have to watch for the IRS rules that prohibit you from directly participating in the projects owned by your retirement plan.If you think I'm imagining doom and gloom - unfortunately no.