He has consistently bought one property a year.Get established with a local REIA (Real Estate Investors Association) and network for a seller finance or potential partnership where you bird dog a deal and have someone bring in capital that doesn't want to manage it (some skin in the game will always help get someone else off the sidelines and bring them to your deal.If you have solid credit call local banks/credit unions.  

I know he will be consistant in payments.

They have knowledge of rents, demand, turnover, specific blocks that perform better than others.

@Lisa MazzarriI know several title companies in Chicago who perform double closings, and can answer any transactional funding questions you may have.  

Considering they all have the same term of 12-18 months, and a projected net profit of 1.5x equity multiple, (a $1MM project, with a $1.5MM ARV) which would you rather:-Debt securities, secured by the property, monthly returns, typically at a higher rate, no accrued returns or profit sharing; or,-Preferred equity, higher risk, quarterly returns at a lower current rate, with a set accrued return which brings your total returns higher than would be with debt; or,-Common equity, highest risk, quarterly returns similar to preferred equity, profit sharing upon sale or refinancing the property based on your % equity ownership.Also, any additional information you're willing to share would be great such as the type of deals you've invested in and the performance/results of those investments, especially if they influenced your decision.

From the lower level you have to figure out how your properties perform.

They have a performing asset on their books - In my experience, they've always been happy with that.The biggest risk to me of doing subject to is that the original owner gets a home equity loan and splits - but in that case, you're only out the money it took you to catch up the mortgage.

Honestly, you should be comparing the performance of RE vs other investments anyway.My first RE investment paid off our student loans.

Do a number that you can consistently market to, every month for 6 months.

I have yet to talk to a broker who wouldn't be happy to have me join the team, and that's been consistent from before I was licensed to my current rookie real estate agent status.