State approved real estate schools, college real estate classes, at first, stay awat from guru crap until you understand the basics and legal issues, find out what financing requirements are in your area.

You may find that you have " squatters"- not legal tenants, low rents-or real reasonable people glad to pay more for better services.

The lender is said to hold legal title, the borrower is said to hold equitable title.It the case of a land contract interest in real estate, like a car, the vendor (lender) holds legal title and the vendee (borrower) holds equitable title.In the case of a fee simple interest in real estate, which is what everybody is referring to in this thread, the lender holds neither legal nor equitable title, the borrower (fee simple owner) holds both.Take a look at one of those title reports one your mortgage broker desk, it will show owner/borrower with a fee simple interest in the property.Although there are similarities between cars and re, they are quite different.Hope I said that right.

I have a legal background and have quite a few practicing lawyer friends - that portion of my "team" so to speak is great.

It has been legal since the 1980's.

I love messes, including messy trusts and feuding families, beach bums, ne'er-do-wells and foreclosure.

You've heard it before, but let me remind you-- if you buy a house that has had a conversion- make SURE it's a legal conversion with permits on record.

How is this legal?

Not much, but thanks to the posts here, I stopped making projections and started figuring out what actually needed to be done to be legal when asking other people for their money.

Obviously, I'm not a lawyer and am not giving any legal advice.