Any violation of regulations set by these agencies is a matter of law.

I would never buy anything more than a duplex because of the codes and regulation changes I would have to deal with.

Dave T,Placed in service is the initial situation, after that it is considered in service until otherwise.There is no regulation stating otherwise.

Because even the exclusions the SEC makes (Regulation D) only allow raising money from people you already know and have an existing social relationship with.

I just assumed with all of the new bank regulations since the mortgage crisis that this was not possible.

You'll apply for your LLC thru your states' 'Secretary of State' and you'll apply for whatever license you need thru your states' 'Department of Regulation'.

Then the rest of the information you gather when the note seller calls.The benefit I find to direct mail is you can regulate your calls to your schedule and most of all, you get you good at talking about the business.The downside, very expensive (close to it $.75 to a dollar a letter) and it is very hard to find a dependable persona to stamp, signed, stuff, and mail your direct mail.Cold calls, on local notes sources such as realtors, banks, divorce attorneys, developers, real estate clubs, investor clubs (and the list goes on and on) is another approach.The best place to start is personal calls to Real estate offices and offer to be a quest speaker at their next sales meetings.

Hi Shema,The appraisal industry is highly regulated.

Thanks for the link Gene

Gene listed some good examples of holding costs and you need to be able to estimate these just as you need to estimate rehab costs.