I ended up winning, by increasing my offer to 152k but had to sign the addendum saying if it didn’t appraise I would have to bring the cash difference.

The appraiser did ask us who the appraisal is for, and we told them that it was to complete an intra-family transaction, and we needed something to establish a tax basis.

The seller is the wife who cannot get her ex-husband in to sign off on the deed.

When the slightest sign of downturn, I will sell.

Just wondering if this is a good sign for buying...Small town, tons of growth in the county....someone just built a 42 unit rent based on income smack dab in the middle of said small town. 

Eventually I bit, and he proposed a note for me to sign, the note was due in July of 2017.

Part II: what are some best practices when just getting started, to keep the whole transaction history for my first property separate so I can easily provide that information to a buyer years down the road?

I don't like having a cease and desist but hey 40 years 5000 transactions one blemish I can live with.. but we were not going to win  this one.. the investors are not personal friends .. they are not close associates  they are BP members ( well non of them were)  but came from the same sources.. and we controlled how the investment went.. so we did what I think most of those in the note business do.. we created a fund.. in Oregon its called a real estate paper offering.. its a hybrid of the 500 series and the state was forgiving on me I had raised about 6 or 7 million at the point I got turned in  on my model.. they could have tattoo d me.. but 5k  and 20k for the lawyer and create a doc the state liked and we were done.. 

I think I have hit on a decent business that could employ 1 or two people and still generate a very reasonable return.My thoughts are the renter's would sign a loss and liability wavier and I would provide security cameras and lighting.

For Non-Occupying Borrower Transactions, the maximum LTV is 75 percent.