(There is)They assume the process is too complicated (It's not - and seller-financed transactions can close much more quickly than institutional financed transactions)They assume there's no way for them to receive a commission.

SMS marketing is 100% illegal without prior written opt in consent from the recipient. 

I can't seem a large benefit of REI in a case where you have to put 20% down in an average market.Ex:20% on $500k move-in ready duplex where about $1k cash flow (ideal scenario)Assumptions - 6% housing appreciation, Stock 6% appreciation (conservative estimates)Profit- House appreciation 6%/year- Mortgage paydown and it's 6% appreciation/year- Cashflow invested back into mortgage paydown+/- tax deductionsExpense- interest payment, taxes, home insurance, maintenance ~ roughly 1k a/f deduction (conservative est, probably alot more)VSOpportunity Cost- Down payment 20% = 100k in mutual fund 6% return/yr- $1k/month expenses that could be contributed to mutual fundYes there are still alot of variables- housing and stock appreciation/return will vary depending on location/time/stock- did not exactly calculate out the tax deductions / expenses but made a conservative estimate in favor of REI- did not include time and fees dealing with REI transactions vs just working a few more hours at my jobWhat i'm seeing is that in a scenario where someone will not be building sweat equity or finding a crazy discounted deal on a property and going through a conventional 20% in an "average market", the argument doesn't seem as strong for REI vs mutual funds/stock - they seem to be pretty close if you take into account the variables mentioned above.

As far as your broker, not owing them anything is either a discussion to have, or not an issue since you are conducting a private transaction. 

Good point @Stephanie P - "The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value)." 

I own a title, construction, flipping, real estate, transaction coordination company, and purchased 5 Buy and holds last year. 

We will be getting specific legal/tax advise from our own counsel, but for now this is a 30,000 foot view to see if we at least agree in concept to a structure before really diving in.Buying out the partner is not a taxable transaction for the buyers but the tax implication for the seller can be different based on if the third partner is redeemed or he/she sells the interests.

Theres roughly 3 million licensed agents in the country. 1 out of every 100 people have a license. 87% of them wont have a license in 3 years though and will be replaced by new people.90% of all transactions pool in the top 5% of agents. 85% pool in the top 1% of agents. 

I'm fleshing out what you wrote and noting for everyone who doesn't do business in PA that it is specifically illegal to evict for retaliation in the Commonwealth.You are going to have a hell of a time convincing any local district magisterial judge that this is a simple open-and-shut case given that and the long, convoluted story of this brouhaha that you've laid out.

I recently did a hard money loan and a refi (separate transactions) with the same lender and my closing costs seemed really high.