I am trying to figure out the best way to protect myself so I don't get caught making the paments and how I can get a renter or owner finance in the property asap.I have authorization to relase information signed and getting ready to talk to mortgage company to verify outstanding loan balance and terms of the loan.

Borrower authorizes Lender or Lender’s agents to collect the Rents, and agrees that each tenant of the Property shall pay the Rents to Lender or Lender’s agents.

They had no signing authority on the account which was registered under an EIN & it was the assistant manager who signed off on the withdrawal !!

If two managers, I will have ultimate decision making authority.

Absolutely, brokers and licensed lenders can make such loans, not individuals or other entities who are not in the business of lending or regulated as such.Know too that points are pre paid interest which for an individual may not be authorized or may push the APR to be an issue of usury.Maybe not years of study, best just to get with a broker or lender as David suggested, learn from them. :)

@JoelOwens, I have a wonderful Pooler area property in a great school district, one of the largest built Konter homes, I've shown it several times and still no takers.

Ironically the 141k house is the nicest and largest sq ft.I got the paper work rolling on a HELOC today, hopeful the full appraisal comes in north of $135k, hoping for $140,000.If this happens, the house will have appreciated $50k+ in equity in 1 years time on paper.

My title company was ok with that due to the age, but the buyer's title company from the largest real estate company in the area would not accept that situation and I had to do a second Quiet Title Action Suit to settle the property.

The forums are free and I can honestly say BP seem to be the largest single source of note investing that I personally know of anywhere.

The largest risk factor for novice investors is not buying correctly (ie: 70% of ARV - Repairs).