I have about $150k in equity in the property by my estimate, and therefore, would be willing to carry a mortgage in 2nd position for about 30-40k if the terms were favorable.

If you really want to do some networking, you should spend $10K and hire this guy (The Dan Band): You can use the extra $20K on booze and party favors, and I would certainly come hang out with you and let you into my "network", as would many other seasoned RE investors who could open up at least as many doors for you as Armando!

Account Closed can vouch for this...AS I type I'm putting contracts together for 4 houses...lease option assignments...one will net me $5800, another is $7500 and the other two are smaller but I'm doing them as a favor so they are only $3500 each.Guess what I risk?

The part about the contract is particularly relevant, in that a contract is really about solidifying what is acceptable to both parties; sure, most tend to favor one or the other, but the bottom line is that both must agree to it, or it is non-binding.One issue with our situation is that he did a lot of work; the problem is, he was set to do the more expensive work (hvac, some more electrical, appliances, etc) last, so the final draws were still rather high, but they had to be bulk draws because you can't parcel out portions of an hvac system or things of that nature.

Any tips and advice would be greatly appreciated.I hope to return the favor when I gain some of my own experiences in the real estate investment world.

If you intend to wholesale, just do the rest of us a favor and stay off the MLS.

I have a great relationship with mine, so they provide me with some insight as a favor.

I have been learning about a way of investing wherein I can network with real estate agents and have them favor my offer in a short sale transaction. this is similar to the type that Bob Massey is involved in if anyone knows who he is.

You could still wholesale this to another investor if the ARV is very high(although from what I'm reading it might not be)and the repairs aren't going to kill anyone.Other than that the only thing is count your loses,learn from your mistake and move on to a more favorable deal.

I'd say the odds are in your favor that it's not going to be a huge issue and the lender will not call the loan due.