I'm not sure on 1) how to structure the lending part. the 3-5 yr part for the balance 2) what terms should I set for monthly payments 3) I'm in NY which is a judicial state do I have to use a lawyer 4) what are the risks for the property owner and myself 5) when and from who do I get my assignment fee6) If they have that much cash why not just get a loanThank you in advance for the advice !!!

Ellie - obtain the funds needed to acquire the property  from friend / relative ...pay seller the  cash ...have a private note set up between yourself and donor)   with specific  terms  for repayment ...make sure the  rate  agreed to is  a realistic  market type rate ) and also make sure that a formal lien is  filed for the loan  and also make sure you formally go into the title  .........I would suggest making a separate agreement / arrangement for the  funds  you are  borrowing for the  construction ...... 

Is this just for formalities.

I had gone through the whole list and came up with my estimated value of each property I was interested in, but I assume there is a more formalized calculation of Lien Amount to Property Value to Max Bid?   

Is there particular/formal documentation we need to provide regarding the transfer of security deposits, rents, agreements, etc?

Then I would request to be placed on the agenda and I would attend the next board meeting (hopefully with other landlord / owners) and formally request that they waive the record keeping fee or publicly offer to volunteer as a "landlord" committee to keep track of the info for them for free.

Unfortunately I didn't get to the formal disclosures because when they called to get my SSN to run my credit before disclosing it, I accidentally picked up the phone and said "Bay Equity Home Loans, this is Chris," was asked to repeat what I said... then the processor cursed and hung up on me.

Being your first assignment, I don't think you get house-hunting leave because it's a formal training course, I assume on-base lodging is available, etc. 

I should also note that I gave the tenant a formal move-out checklist prior to her move-out date explaining that if the rental unit and outside area is not appropriately cleaned, that a cleaning fee may be charged to the security deposit. 

If the property is in MA, it's a non judicial foreclosure so, the borrower would have to file an action in court against the servicer/lender in order to assert any allegation and again, the burden is on them.