Interestingly, the equity share notes I've seen use some funny language that seems to characterize the profit split as interest.

A good site is updated every 6 months or to account for changes In browser compatability and markup language changes.

For those who may not know - the workflow for legal authority goes something like this (only considering state issues - not considering federal issues): 1) Check to see which statutes govern the matter at hand and review (this may involve reading lots of statutes, as they sometimes refer to other statutes for other issues; 2) Sometimes the language in the statute(s) are very clear and sometimes the language is not - if it is not clear:a) Check to see if the statutes define the specific terms that are in the unclear language;b) If the language is not made more clear by the definitions, then go to 3;3) Search for caselaw that discusses the specific statute in question.However, there isn't always caselaw that discusses the statute in question (either because the statute is new [either newly enacted, or recently amended]).

If it's a multi-member LLC the operating agreement may have to be more robust than in a single member LLC--that's where you might need specific advice and language.

Welcome to BP, I'm a lifelong Houstonite, but only officially into REI about 2 years, and BP about six months, all these commmunites are great!

I understand I can get my home officially appraised and my PMI dropped from Mortgage B (FHA @455k).

There is additional language there that applies to 401ks, which seems to imply that the exception would work.

A very few of them still have language that says the buyer at a mtg foreclosure is Not responsible for past dues.

With an assumption, the buyer works with the lender to get their approval and officially becomes the borrower.

I think you do not see this language in leases is because it would be difficult to defend in court.