As to the costs being worth it, I would say for me I checked them out thoroughly by references from others before I moved on spending any money being mentored and coached, and I then paid handsomely to 2 different and very successful individuals, and a local club as well....it was well worth it because I was held accountable for taking action as the deals were coming in to make it happen....I made the people hold me more accountable than I think they even wanted to be....they kept telling me most people won't do what we tell them they must do to be successful in REI....so that is what I did to get going and be successful in the REI....took action along the way....it costed me 5 figures in coaching and mentoring and costed me sleepless nights to change my mindset about what it was going to take to get the job done...some people say it takes 10,000 hours to perfect a new skill...it didn't take me that long and I'm not perfect but I am doing well in it and I really love it as well...and I was 50 yrs old when I started so had a lot of preconcieved ideas and mindset to change....but REI is a great thing...worth it for new friends, $$$$$$$, time and freedom....focus...etc....hope this helps you!

I suggest you refer to that unit as a detached "in-law quarters" perfectly fine, for lending it will be viewed as zonned.

The new Promissory note references the old DOT as security4.

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.

Rented a property 4 times(FL) without meeting tenant 1st 8hr saway.1) Craigslist Ad, credit check, POI,POR, 4 references, verify rental/job2) 1st tenant stayed 2 years no problem(met at move out)3) 2nd ten stayed 1.5 yr broke lease early due to personal(3rd party met)4) 3rd tenant stayed 2 years(didn't meet before move in)5)4 6 months into current lease(met before move in)All good tenants..It really depends on your comfort level and screening process..I'm thorough...

I was referring to a Residential loan....

mind referring me to the "right lawyer" and his firm?

You may want to review your deed/agreement to see how disputes are supposed to be handled and should have references to housing laws that should be followed.

They usually do not make money until they understand their clients and property operational issues.Definitely ask for references and take the time to check them out.

I have seen a few blogs (not on Bigger Pockets) for this with no references.