I was worried about saying or doing the wrong thing and not following the correct process.

For every high school dropout that 'made it' there are 100 that have a food stamp card.

Ann is correct in that such a loan is not an SEC matter nor will it apply to a commercial loan.

Most people do not grow their own food, make their own electricity, produce their own steel, etc.

Knowing what is important and then how to operate the LLC correctly could be a completely different matter.Either pay for a lawyer or pay for training materials so you operate correctly.The value of the LLC is not from having one established.

Is she correct?

Not because they are illegal when used correct.

That leaves a ton of room for mistakes, market corrections, etc. as well as more room to add debt financing and other higher holding cost factors.In todays tighter rehab spread market (at least here in CA) a good deal is at 75% and I have even done them as high as 80% but only when I was 100% confident of a first week full price offer on the re-sell, and the rehab was very light and very quick.Example, late last year, I paid $305k for a property that took me only $8k to rehab and it only took 10 days.

By coming here and presenting the deal as it stands you have a very good chance of correcting the fundamental flaw.

I expect the seller can request the minutes and then supply them to the buyer as part of the disclosure process.You are correct on the inspection.