@Jason Eyerly   I wonder how that lending club is going to do over time.. seems quit risky its unsecured consumer debt.. your basically a credit card company... why don't you just keep your cash for now...nothing wrong with having those funds.. buy REITS or index funds that are liquid there are always deals...

Sooo you may just not be in need of any mortgages at this point, but don't tell my management I told a consumer that fact.

@Randy Johnston  I think CA is probably the only state that acts like this.. but a CA real estate broker licesne is needed to do HML... or NMLS or Consumer finance license need one of the three.when I ran my HML shop in Oakland I ran it under my CA brokers license.. although I am in Active now in CA I still have the license in case I wanted to fire up Notes or HML in CA..

@Glenn Gerisch  here are three I know foreclosures are long and expensivePA  IL  NY  and thinking NJ is not a cake walk.. states you like ( well I like) .. are  WA OR CA NV MS TN GA TX  and I did one quickly and cheaply in Kansas city not sure if it was MO or KS    one just needs to check the state statues.. but by and large a mortgage state and judicial foreclosure state are more expensive and time consuming..

if your selling to owner occs on contract then yes you need to comply  .. plus your RMLO will need to make sure credit DTI and other things are in line.if your thinking of the strategy to sell collect down payment wait a few years until they default then take it back and do it again.. then that's what dodd frank is for.. you know our govmit protecting the consumer..

Otherwise I would be sad picking up the rent knowing the tenant hasn't burned my house down yet.I built a house and opted to take the risk.  

If the owners opt to use a loan servicing company, then that company may collect and pay them on your behalf.  

I personally opted not to claim one, b/c the potential downsides don't seem to be worth the tax savings to me.  

I recently had a dryer break and since I manage from out of state I opted to purchase an extended warranty and repot through Whirlpool thinking I would get a quick repair.

we used to do a different conventional loan for each home early on. it was costly, time consuming and restrictive.