Always best to put the cards on the table and make known what's going on. :)

You are getting less of the profits because your aren't bringing any risks to the table (other than possibly a EMD or reputation).

Here are some of my favoritesBigger Pockets - truly the best RE podcasts out therePlanet Money - general economics podcastThis American Life - variety of storiesRFI Journal en Francais Facile - French news showIn Our Time with Melvyn Bragg - discussion of various topics and historyFreakanomics - always something interesting on hereDave Ramsey - helped me to avoid consumer/car debtThe Moth - crazy entertaining stories

Then if there are 3 points (on the ~$71.2K purchase + rehab parts) and some other closing costs you will probably need to have minimum $22.5K to bring to the table just to get your foot in the door.

I am working at being a bird dog as a way to learn and a way to bring something to the table as I learn.

Dion is right on the money: The info given is by the seller is screwy with the 8% thrown in there.I am going to assume that this was a $33,000 note 16% interest, 7 yrs (84 payments fully amortized) that the borrower has made 8 payments so far, The amortization table shows a remaining balance of $31,193.80.

You can do two things here, have the seller fill it out with you at the table, in which case you check 7b1 buyer has received the notice.

Originally posted by Scott French: I have an LLC with 2 partners, which holds a multifamily property.

sounds exactly like my situation. just ride it out...concentrate on trying to raise the rent each year, or upon each turnover. if you want to sell the property, you'll have to come to the table for maybe $100k when you considering the selling/closing/holding costs. you could try to do a short sale, however, sounds like an investment property and they will come after you for the difference unless they agree to cancel the debt, in which case, they will 1099C and you will owe the IRA the phantom tax of the loss.

The potential for poor quality work, overcharges or other unforeseen events lead me to do a lot of things myself (along with the classic justification to buying power tools -- "if I do it myself it pays for the table saw/nail gun/laser level/impact driver" -- signs of a power tool addict.)