One draw back to that method is non conforming properties... ie.. 4,000sq/ft home in a 2,000 sq/ft neighborhood...

Solid Hard Maple faceplates, rails and styles. 1/2" ply, finish sides as needed, soft close draws, at a fraction of any store.

And in return he gets the legal business of my 2 investment funds (prox $60,000 per year in legal fees), the right to participate in these deals as an investor, and fees for drawing all legal docs of our purchase, sale, and lending transaction (prox ($20,000.00 legal fees).

For another investor it may work okay with some disclosures, but I would avoid the whole deal if the original borrower can still draw in the HELOC and doesn't carry a 2nd.

I've been using an app called Skitch to draw on an make notes on photos of homes I am bidding on.

Safe at night.Purchase price + Closing costs = 13,000 cashCost to renovate + Appliances= 6000 financed at 12% interest with visaNew central HVAC = 4000 financed at 14% interest with signature LOC at 5 yearsAnnual insurance = $500Annual taxes = $600My time to rehab = every weekend for 2.5 monthsRent = $550/monthDeposit = $300Leased within one day of completed rehab.First months rent and deposit in hand prior to letting keys.ARV hard to pin down but conservatively = 35K-40K in current market.

Draw your line in the sand before the bidding ever starts and you will never get bit up.

I cannot do the test because you need to be certified to do it - at least that is how I read the law.I was hoping this topic would draw more attention, but given the number of people that are no doubt violating the law, they probably do not want to draw attention to themselves.

You need an experienced real estate attorney to draw up the LLC but the investors pay for the legal costs so don't skimp on it.

It also depend --if it includes a business --such as liquor store, c store, several rentals -- a hotel --each will have different clauses --start with LOI --and have an attorney draw up actual contract --must have draft prepared based on buyer and seller understanding - also need to involve buyer's accountant --for break down of components for maximum tax benefits for new buyer --such as RE, Equipment, Inventory and good will.