Total cost 50kRefi after it is tenanted ( appraisal comes back around $100k ) I do all commercial loans so my LTV is 70% which mean roughly I will pull out $67k ( 3k closing costs ) which is an increase of my original cash by 17k.

Thanks for that great response.The problem with the exemption is that the code reads "a natural person who sells residential real estate and who lends or services, in one calendar year, no more than five purchase money notes".

I closed my first multifamily syndicated purchase this week (24 unit, 7 yr old high quality condos in Des Moines),but, my second deal fell through because the largest investor pulled out at a late stage and I didn't have a backup investor so couldn't get to closing.

Maybe add one or two more pillowsSecond bedroom looks much nicer like a bed I'd want to sleep in- but I'd move it away from the window and put on the wall closest the window with a purple painting above bed.Bathroom- remove the shower curtain or pull it back-noone wants to walk into a bathroom and touch a shower curtain- who knows who showered there.If you choose to take some of the notes I have written down and then retake some pictures and have a open house on sunday-resend out the pictures- ask people to come back and relook if they saw it before.Also dropping the price a little might spark new intrest.

Do you have any sort of agreement documents outlining when you can pull your money out, quarterly update requirements or anything?

I've been using a licensed contractor when doing projects, but how does one pull permits when you use a Project manager?

Obviously, this will go up once I rent out fourth bedroom.2011 is a loss naturally due to start-up fees and cosmetic repairs. 2012 target goal is 14K in gross with 65% in operating income (this includes 20 percent vacancy).

The one HML I tried said they won't lend less than 60k which would eat 50% of our profits.Long story short if I cannot line some kind of financing up before I close I would like to know if there is some way I can pull out of the deal without losing my earnest money?

I didn't pull the trigger and am glad I didn't.

Would they be good to use for pulling comps. ?