@Kenneth B. we could talk shop and REI sometime@Justin Fraser thanks for the advise on the deal analysis forum@Jeff Stewart good luck to you and your wife as well, when I'm in woodcliff lake for my next class at BMWNA we should grab a beer/coffee and talk REI

Maybe a good realtor could advise you whether those are areas to be avoided or good buys.

Does anyone know a good attorney in The Woodlands, TX that could help me with the paperwork.This is my first time doing a deal with a partner, so I wanted proper legal advise on this one.  

Troy, thank you so much for your advises. which areas of mayfair/frankford and oak lane would you recommend for single-home rentals and for flips?

We have a deal in front of us and we need a little advise.

I'd advise against the music tho.

Can anyone advise on a legitimate source for this funding or financing based on the deal?

They will be able to advise you on wordage, and can negotiate terms in your favor (purchase price, interest rate, any balloon time frame, inspection time frame, contingencies, give you a "way out" if the deal isn't what you expected it to be, etc).

They discuss Dodd Frank there.http://www.biggerpockets.com/show70Even if Dodd Frank does require that you qualify the buyer (which it may not if you're doing small, infrequent financing deals, like it sounds you are), if you don't want too much risk, I'd strongly advise that you not through all the qualification guidelines out the window.Good luck - I'd be interested to know what happens with this deal if you can get it done.

Big mulit and commercial deals multi millions etc  yes... but even then they work with the title company and the escrow officer handles most of the duties Attorney may draft the note or Deed  and review.Maybe some of the CA investors can weight in and advise who they use for escrow closings.