Your plan to publicly solicit funds in that manner is a violation of SEC regulations,even if others have done it, and as to Will's web site, he is not being specific about any particular loan and I believe he has a license for his lending operations.

there are two landlord organizations that I know of in your area: Worcester Property Owners Assn and Northern Worcester County Landlords Assn.IMO, all landlords should join their local assn for help with matters exactly like this.

$870 x 12 = $10,440 This is your annual NOI (presuming you are right and the operating costs do not exceed 50%).

But in this case, I feel obliged to do so in order to warn others before they put down $10,000 of their hard-earned money.I have been a "Preferred Investor Group"(PIG) member in San Antonio for a little bit over a year or so and have purchased 2 houses thru Lifestyles.I choose to post with a psedo identity as it is not pragmatic to criticize a organization after paying a hefty sum in advance (which effectively precludes you from using services from other organizations).I disagree with some of you who may claim that some of the below points are trivial.

Appraisers all operate differently and the next guy/gal might not ask for permits at all.

If you are willing to spend time seeking out information, organizing it and using it to develop your own plan you can be successful and save yourself a lot of money which you can put to use.

you may benefit from reaching out to your local real estate investing organization, and seeing who they recommend.

Write up a joint venture agreement or if LLC's are cheap in your state, set up a partnership LLC detailing in the operating agreement how the funding and payments will work.

Easy to administer and operate.

Another way is to split membership within the operating agreement with different classes of members, that will keep them in a passive situation as well.