The implication is that she's only recently made a decision and has merely read a few books and haunted these forums.I say no, don't spend money that you will regret having spent later.

There is a property (SFH) I am looking at that has a rental property (2br apt) in the back yard sitting on top of a garage- the entire property is actually zoned as a single family dwelling, but I was told by the owner that because that rental unit/building was built a long time ago, it was grandfathered in as a legal dwelling without special permits.

Thanks Brandon.I read both posts and some related ones too.It is really, really comforting and encouraging to know I am not the only one feeling overwhelmed and helpless.Most of the time I just wish I could find a partner who share the same goal or I could have mentor give me some guidance.Thanks Will.That's my worries...I'm not sure if it's legal in BC and the ways to find buyers and sellers are quite different..

Also if you do sell a rental think of the tax implications you would have since you would be cashing it out to pay off personal debt.

State approved real estate schools, college real estate classes, at first, stay awat from guru crap until you understand the basics and legal issues, find out what financing requirements are in your area.

You may find that you have " squatters"- not legal tenants, low rents-or real reasonable people glad to pay more for better services.

The lender is said to hold legal title, the borrower is said to hold equitable title.It the case of a land contract interest in real estate, like a car, the vendor (lender) holds legal title and the vendee (borrower) holds equitable title.In the case of a fee simple interest in real estate, which is what everybody is referring to in this thread, the lender holds neither legal nor equitable title, the borrower (fee simple owner) holds both.Take a look at one of those title reports one your mortgage broker desk, it will show owner/borrower with a fee simple interest in the property.Although there are similarities between cars and re, they are quite different.Hope I said that right.

I have a legal background and have quite a few practicing lawyer friends - that portion of my "team" so to speak is great.

Once you have it all set up, you're ready to get to work.You do have to be careful with the tax implications of using SDIRA money as well as borrowing with an entity that receives funds from an SDIRA.

You've heard it before, but let me remind you-- if you buy a house that has had a conversion- make SURE it's a legal conversion with permits on record.