The good thing about using a broker (who does a lot of loans in the space you are working in) is that they have a long list of lenders and most likely know ahead of time who will be most aggressive for your loan.

@Jesse Lawrence it's 100% possible, doable and attainable to break into a market or markets you don't live in. I

I only want to own properties that I would be willing to live in. I

After removing all of the carpet and pad due to odor and stains from smoking and cat pee- I refuse to put carpets back in. I

I am trying to figure out what kind of real estate should I get involved in? I

He already has my money and he had stipulations in is add saying as is where is the day of auction end.

My credit is around 700 and if I was to buy a house around here for what I'm paying for rent it would be in an area that I wouldn't be to interested in living in. I

Can't really believe timing and dollars and drama is definitely added/edited in. I

A friend of mine is starting a fund, where passive investors buy in (I think it's a minimum of $100k or $250k, can't quite remember), they receive 10 or 11% (works out to be 50% of a strong rental return) annually with the exit strategy to sell in 10 years, then splitting the capital gain (read: profits) 50/50 between the fund and the investors.Fairly straight forward, is this somewhat similar to what you're suggesting?

Unless there's some extenuating circumstances, in the current market we live in, I just think you could find equally good sub2 deals out there that would require you to put up considerably less upfront.The way this deal is structured doesn't seem to make a whole lot of sense.