Non performing notes have so many risks and little costs that add up to a lot of money, servicing, insurance, taxes, document storage, recording.

Here is link to an official government document on this issue: http://www.sos.state.tx.us/corp/forms/304_boc.pdfFor what it's worth, many states require registration, if not all.  

So is Ryan Markiet when it comes to documenting everything just in case you end up in court.

Ask if your friend of a friend still has the loan documentation so you can see the precise terms.Andy

Also, if I get signatures and they accept the cash for keys, would that document hold up in court?

They are a very nice couple, we had several meetings, I'd put together a lawyer reviewed JV document and the, reno plan for the upstairs suite of 15k to redo the kitchen, add flooring in 3 bedrooms, and paint the interior.

I looked at the copy of the report that was done, the plumbing piece is documents as follows:"Pressure tested water supply with air compressor, system didn't hold any pressure at time of inspection.

I have an investor that interested in backing us on our next venture and we are collectively trying to figure out what type of documents need to be drawn up to protect both us and the investor. 

Is there a way I could have him as a back up and we use my documentations?

To your best advantage on a flip, is to have it be a balloon (no worries about payments while you do work on the house) but again, I would crunch the numbers first before saying you'd split the profits.Please also make sure to document everything!