Use Rockwell Institute online to take the 90 hour course (they help write the test you will take for the DOL).

@Sandy Reddy,I would find it unlikely that the institution with whom you are refinancing would allow the 2nd position lien to stay on record.

In other words you are able to get conventional (personally) loans up to three properties (some institutions will go up to ten.

Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m); andThe Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC) must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2015; the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)

My approach was to pay the Private funder back first because this is most likely to be your most loyal investor regardless of your FICO/institutional credit and that is one that will not be repaired in 7 years if you break that trust. 2nd would probably be family if it was their first time lending to help instill them with trust, and work with the bank as best as possible throughout.

I believe as an investor your greatest risk is taking on institutional debt.

If it is a foreclosure held by a financial institution that is federally insured and falls under HUD, that institution can sell in less than 90 days.

I also look forward to establishing relationships with those that can be my mentor to guide me through this venture.Right now my goals are to increase passive income and increase net worth.I also would like to add that I attended my first real estate seminar this past week (6/18,19,20) reference foreclosures by Jeff Schnitter from Enlightened Wealth Institute in the Miami downtown area at the Marriott and I must say, for a free three day seminar I learned ALOT.

The broker does not.....pretty simple.I owned a secondary market brokerage operation for about twenty years and at no time could I not beat the rate of any institutional lender in the area.

Joe you are not understanding a key point.Investors such as yourself DO NOT typically invest in Class A properties for the reasons stated.The cash flow returns you want are not there.Larger buildings that are Class A with Multifamily mainly comprise institutional buyers,pension funds,REIT's,Insurance companies.What those companies want to do is have security OVER cash yield.So if the CAP is 4.5% going in they can eventually increase the cap through rent increases that are outpacing annual inflation rises.Through increased rents,tax offsets yield can be increased.No it's not going to be 10% etc. but all these companies are trying to to is protect the money,grow it a little,and outpace annual inflation.Hope you understand now why this is not a target for everyday investors.Many investors look for 20-150 units value add class B or C they can turn around instead.