You also have to anticipate that something negative will happen so your partner might change their position.

This has been both a horrible and a remarkable day at the same time.It is never good when something goes wrong, but sometimes these things happen for a positive reason.

We want to get into the rehab/rental business and create some positive cash flow.

I agree with you completely, and that's why I'm doing things the "old fashioned" way - find a good property, get it at a good price, down payment, regular loan, positive cash flow, buy & hold - instead of following all the gurus and "no down payment" schemes.

If you have no license then you breaking the law (lawyers are partially or fully exempt from the RE license regulations in most states).If you are a principal in the deal then being paid to sell your position or your rights in the deal is legal.The HUD-1 document is not required in all transactions.

Andrew,I know a bit about the metro Portland market having invested there for years on and off (presently holding no positions there after a sale this last March).$5K is a tiny amount for the market.

You get title and the lender providing cash gets 1st position.

Well done to the two of you.I wish we had more debates where people had strong opinions and yet they wrapped up the comments with a positive exit.John Corey

:crazed: I haven't met a single person here that's been influenced positively.

Your position is pretty unique for the group.