I am no expert on the subject, just making note of it for you.From what I understand, one of the rules is that the note must be fully amortized.If you don't already have these easy format purchase agreements you spoke of, it is likely that another investor in your area does, so I would start there, however, the contract is only as good as the verbiage in it, and with lack of experience, you may not have items in there you would likely want, hence, the attorney route.If you plan to make thousands of dollars flipping deals where the acquisition was with owner carried notes, why not spend the money on the attorney?

If you’ve watched Money As Debt, you’ll see how banker money works, creating cash out of thin air.This is just the beginnings of my understanding on this and I am no expert, though I do work in loans.A couple things come up for me.

Using a lease/option would button up issues like bankruptcy risk and such though so I would love to learn more if you have engaged the experts necessary.

A flooring expert was called and we have been drying the kitchen and the basement since couple of days using industrial dehumidifiers and fans.

Sure pays to talk to the experts.

I'm not an insurance expert, but I believe that any other policy would not cover you while you're doing renovations. 

But I also agree websites to me are better done by experts and not by me. 

I am just hoping that some of you experts out there might have some kind words.Thanks!

Justin,When purchasing at the courthouse you will be required to have a certified bank check already made out to the Trustee of the property.  

My goal is to earn $10,000 per month in positive cash flow(Passive Income) in 5 years time frame.I am a new bee and new to investing in real estate/rental properties.I am looking for strategy/suggestions from all the experts in BP in order to achieve my goal.Some of the ideas, I am exploring are:-Buy 3-4 properties for 35-40k in mid-west, which generate $500-$600 positive cash flow-Use 100k as down payment(25%) and use leverage to buy 1 or 2 properties in high priced areas.