To be clear circumstances are not "I want a new house", circumstances are "changing jobs more than a reasonable commuting distance away", "getting a divorce" and "increased family size".

You do have a mess for the lender and title company-closing agent, they may charge a bit more in settlement clearing all those notes.

I have recently started in the note business and would say you want to verify the collateral with a BPO, get some pictures etc. verify the taxes are paid and title is cleared and the insurance is in place as well as having a lenders title policy (this is often overlooked).I would recommend using a servicer to avoid any Dodd Frank issues and to make sure your note is properly draftedFeel free to send me a PM if you need more information.

The snow is cleared, but I know you generally have to be well above freezing before any painting should be done.

Just to protect yourself, not just from your partner, but say a contractor gets hurt, if the LLC isn't filed correctly with an accurate Operating Agreement, you are LIABLE.Further, the key to an operating agreement is to clearly detail ownership, responsibilities, how to handle the bookkeeping, and also should detail how to remove a partner should one person want to leave.These are absolutely key.

the house with the missing gas furnace and AC was insured but with the butcher job of the removal and cut lines and ducts, I'm sure it could not be repaired for $5,000 but it was listed as insured.And other cases there have been relatively minor flaws, well less than $5,000 and the property is listed as uninsured.And then there is the third type of property, where I marvel how the property was financed FHA the first time as there are clear major defects that would be rejected by an FHA appraiser, so how did it become a HUD repo?

Does persons X&Y still own the property after the bankruptcy is over, thus having the Trustee sign it back over once the smoke clears?

Speak with a clear and determined voice.

Just wanted to make that clear to the newer investors who start banging their heads against the wall because they can't find a private money lender... :-)

What bothered us was the fact that it was never cleaned and cleared off of the city's list.