I am waiting to hear from my attorney on the repercussion of canceling the contract this late in the game as I am scheduled to close in a week or so. 

Every property is different, and keep in mind - like playing the computer in a chess game - HUD will often change the rules as they go.  

You'll be ahead of the game by skipping an architect and going straight to a self storage conversion kit manufacturer like Trachte or Janus. 

Our posts crossed so I was not aware that your mother was fine with both options (payoff now or installment payments).As Jeremy posted, it now mostly becomes a math game regarding what is in your best interest but I would still weigh the value of 'making good' on the original loan from your mother.

I have seen a lot of this one BP were investors have no clue as to the repercussions of being a junior.. its OK if you know what your doing .. but for the average investor who has never lent money or new to the game junior position investing is highly risky for exactly the reasons splained above.  

The only thing you have to be careful of is him saying well you let it go on all this time, so the notice is a good idea to establish your position early. 

I am new to this investing game.

@Danny Webber thank you I appreciate the truth and if I need to take more time building my cash pile to have more skin in the game by maybe wholesaling or just working than that's fine.

Hi - completely new to the game of rental real estate.

Judging from the first few pages of the beginner's guide, I think we're looking at possibly doing some buy and hold strategies on single family homes and duplex/triplex/quads, since we both love our jobs and aren't quite ready to jump into the real estate game full time.The amount of information to read up on and understand is dizzying, and I have never so much as held a mortgage of my own.