TRANSFER: The mortgage or deed of trust will be due on transfer and will not be assumable except the note will include the provision “Borrower has the right to sell the property on wraparound financing whereas Borrower continues to pay Seller directly and remain fully responsible for repayment the note.”

Evidently all you have to do is find a mortgage broker who will handle all the borrower compliance issues for you and bring you deals.

If you underwrite the borrower properly and aren't desperate to make a sale it won't matter as much.

lot 70k  vertical 190k  soft 20k  280 all in  350 sell price Net 70kIf we never got any of our cash back until the very end of the project this is a 82% apr on the original 500k invested. we borrow from bank at 6%.WE don't have accelerated lot pay downs ( Ie own last lots free and clear) so we will get lot equity prorate as we sell thereby increasing our yield substantially.

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Smith borrowed about $75K against the property in 2008.  

Generally you will have to live in a unit for a year for owner-occupied housing, so the rental income from one unit should count as income at the rental income ratio.If you don't have much for the down payment when you are buying a house you could use an FHA loan.You probably want to run a couple scenarios by a mortgage broker to have an idea of what lenders will qualify you to borrow.

I totally agree with Ryan to crunch your hypothetical numbers first and know what to expect before jumping into hard money business without doing any study, whether you are doing to borrow hard money or be the lending side. 

I feel that you are entering dangerous territory if you now borrow heavily on your equity to buy more assets just because you believe that they SHOULD increase in value!

If that definition of market value is met, you never buy under market value, the price you paid is the market value.Distressed sales may be from the motivation of the owner, the property condition, it may be under performing or there are issues of obsolescence, functional or external.Cure the matter that effects the property, mismanagement, condition, functionality or obsolescence.Going the route Chris mentioned can be done, it's not guaranteed as an over night method as it may take time to achieve a record that can be shown in the market and there will also be more emphasis on the management ability of the borrower.