Ive been involved in hundreds of closings and this document is always signed.

I am in the process of starting a fund and want nothing to do with a 506(b) because of the risk involved with the "sophisticated" definition and reporting requirements.

This is a program where 1st time home-buyers who make at or under a certain % of the area median income (say 80% or less for example) qualify to apply for the grant, certain banks receive grant funds so you would need to ask your bank if they participate in this programRehab costs: $40,000 (lot of sweat-equity)Appraised: $385,000NEW PITI $1785/month: Refinanced into a loan of $260,000 ($325,000 with 20% down, 30 year fixed rate portfolio loan @ 4.375%) and pulled out $61,000 ($260,000 minus $191,00 owed on old loan minus $8000 closing costs) I could have taken out a higher loan (due to the appraised value) and received more cash-out $, but I wanted to be conscious of what my new PITI would be and make sure I could cash-flow going down the road.DetailsBefore Renovation- 864 sq ft - 3 bed 1 bath ranch style home, , attached 2 car garage, 1/3 acre yard- Purchased foreclosed for $220,000 with a 30 year fixed rate loan @ 3.875% - PITI $1385/monthI worked with my local bank to build in renovation funds into the actual loan, where I would pay to have work done to improve the property (new roof, heating system, flooring, etc) and the bank would inspect the work then release funds to me to reimburse for the cost of each repair as they were madeAfter Renovation- 1278 sq ft (finished basement added 415 sq ft)- 3 bed 2 full baths- Appraised Value $385,000The first 6 months in the property was spent doing new roof, heating system, refinishing existing hardwoods (hidden under grey shag rug), new SS appliances, new paint inside and out, finished basement (added another living room, office/bedroom, and full bathroom)For the refinanceI was quoted by my local bank for a 30 year loan a 4.875% interest rate. 

Based on my understanding, there may or may not be a profit-sharing model involved.

A local REIA supported/supports the title company I've been using, and until this transaction involving ground rent, I haven't had problems (because the past transactions have been simple).Closing was set for 24 July, but has been delayed to 10 August (or possibly sooner) because HUD has not put the title of the home into their own name.

Hoping to make some connections through BP for learning groups, REIAs, etc and of course get more involved in BP.

People at these meetings likely can help you with contracts and documents they use regularly for deals 3) This involves another contract, you basically sell your equitable interest in the property you have under contract.

I know there is a ton of options for her and myself if I get involved.

I second the suggestion to get involved in your local REI meetings.

I did not like all the strict rules that often didn't make sense or apply to my situation.