This web format has wonderful hands on info and a wonderful networking too.

Is a security deposit required?

The loan was secured by 2 properties in Chicago.In the closing documents, there's an Escrow Agreement which says the private lending mortgage broker acts as escrow agent for borrower and lender to hold said Quit Claim Deed: (Escrow agent = private lending mortgage broker) with the following terms1.Borrower agrees to deliver to Escrow Agent an executed and notarized Quit Claim Deed running to Lenders for the properties2.

If you take 'adverse action' (decline them or request a higher security deposit) on an applicant, you should provide an Adverse Action Letter to the applicant (many templates/guidance online etc).If you don't have acceptance criteria and appear wishy washy, it may appear (at times) as discrimination -- even if you're trying to be nice...

@Nick Fernella@Nick FernellaHello and Welcome to BiggerPockets, the Best Real Estate on the web.

Olivia,Most investment professionals, brokers, advisors, and even CFP's are paid only on commissions and fees generated from managing a portfolio of securities. 

DON'T make these types a partner for yourself, lest you subject yourself and your finances to great and terrible risk.5) Tax implications - understand the formation of the LLC in Tennessee(you said you are looking at Memphis), how business 'flow through' income works for partnerships in corporations, and also learn which types of income are subject to social security tax vs.  

@Richard BastarHello and Welcome to BiggerPockets, the Best Real Estate on the web.

It will sort of delay the investment process but secure you your first property in the mean time. 

I can't do it in the Web browser or on the app.