Wraps aren't illegal as some may claim, but they do break loan covenants...particularly the due on sale clause that virtually every mortgage/deed of trust will contain.

Code § 1701j–3 - Preemption of due-on-sale prohibitionshttp://www.law.cornell.edu/uscode/text/12/1701j-3 "(d) Exemption of specified transfers or dispositions With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—.............(4) the granting of a leasehold interest of three years or less not containing an option to purchase;.....````````````````````````````````````````````````````````````````````````2) the IRS Here’s what the IRS looks for in determining whether there has been a disguised installment sale: (1) Whether the amount of the purchase price and right to the purchase price is fixed and unqualified; (2) Whether the obligation to convey title on final payment of the purchase price is absolute;(3) Whether the vendee/optionee has taken possession or has the legal right to possession; (4) Whether the vendee/optionee has otherwise assumed the benefits and burdens of ownership.

This statement must contain a declaration that you are a qualifying taxpayer for the taxable year and that you are making the election pursuant to section 469(c)(7)(A) [§1.469-9(g)].From Vernon Hoven's The Real Estate Investor's Tax Guide (4th ed) , wording for your statement might be:  "In accordance with §1.146-9(g)(3), the taxpayer clearly states that he (or she) is a qualifying real estate professional under IRC §469(c)(7), and elects under IRC Sec 469(c)(7)(A) to treat all interests to real estate as a single rental real estate activity."

My post was NOT my personal opinion, nor did it contain "sales" type information, such as benefits, features, etc.It was simply pointing out which independent 3RD party sources there were that someone could go to to obtain an objective view point, or opinion.In response to the statement that the only people "endorsing" the program were agents...In addition to the 3 financial publications, I also mentioned (didn't I?)

What you pay for is a dishearteningly simple 3-ring binder containing "The Plan."

Some of these people act like the rate increase is definitely temporary and seem to be advocating including rate reductions in the pro formas (very risky).I am going to try to refrain from further replies even if they contain further falsehoods (trying not to feed the troll).I wish you the best of luck.    

The private placement memorandum, or PPM, will contain words very much like "This is a terrible investment.

Make sure the screening report you use contains a full background check, comprehensive credit report, and eviction report.

The list shall be known as the tax lien auction list and shall contain all of the following:"(1) The names of the several persons appearing in the latest tax roll as the respective owners of tax-delinquent properties

However, do not:buy a list of leads, names and emails, as they can be years out of date and inaccurateuse something like "constant email contact" where emails are generated and unsolicited spewed into the Internet - - that's called SPAM, everyone hates it and the react by blocking ALL of your emailInstead, every website needs an About Us page which contains your location, address and access to a Contact_Us form to send email to you.