I would contact a Real Estate Attorney to help write up the proper contratct for your state.

The sellers balance sheet said the NOI is over 10,000 for the year.

If you relax on some terms, it can be used against you in eviction court.If the tenant doesn't pay on time, hit them with proper notice.

A properly discharged mortgage debt relieves the borrower of deficiency but does not 'cancel' or remove the mortgage from the property.

At the same time, I don't know anything about structuring a deal or landlording or any of that- I was thinking it would be better to split the profits with a mentor and learn the proper way of doing things along the way.I did buy the books to get a real estate license here in California through firsttuesday.us, and will be studying for the sales license exam.

From my perspective, it's not just about ensuring that you are legally allowed to invest and that you are able to proper publicly recorded title to a property, it's also about all of the other laws indirectly related to owning the property (ie. the court system, environmental laws, tenant/landlord laws, business laws, etc, etc).

Need to submit the proper paper work to the HOA, but they wont answer me to make sure I have the required documents and requests when I go to submit.

Then, balanced upon on the outstanding balance, does the bank recomputed a 15 year amortization at the new rate?

Any attorney who passed a bar exam will know that the lien amount filed is not the balance owing.

I have sent payment on 1/5/14 so you are still responsible for the remaining balance.