I have not read the Ultimate Beginners guide to Real Estate but will do so when I'm done typing this post.

It's really frustrating when they state they have worked on these types of loans, but come to find out that they've only done it once.

What type of real estate activities to you plan to pursue?

203k is appealing and can make magic happen, but in hot markets (LA in the summer...) the house and the situation of the seller really needs to be a perfect match.In general you don't go find a house to 203k, you go look for any old house, coincidentally find a house that happens to coincidentally be a perfect fit for 203k, and then you start talking about 203k stuff.Typical characteristics:Too crummy for cosmetic flipper types to want.Seller more motivated by sales price than by closing quickly. 

@Andrew SavikasThe problem with a "diversification of notes" approach is that it doesn't take into account numerous factors such as risk types, market types, correlations, etc.

I personally am not a fan of this type of investing, but its depends on your strategy. 2)  If you have good credit and the cash to put down, you finance the property through a bank.  

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Would like to find a local real estate attorney who is experienced in investor type transactions, especially subject-to.

Ignore the upsell, stay in the main room and either see if you can find a way to have your cellphone record audio covertly or take a laptop along and type like mad taking notes....and THAT said, yes - you WILL hear a lot of terms and concepts you've probably never heard before, most of which will not be explained in much detail.

I shy away from these types of home unless there is a massive amount of meat on the bones.