I will reiterate what Karen stated, you have placed your lenders in a very risky deal and opened yourself up to potential legal issues.

You do need someone to verify it is actually a legitimate, legal,conforming and enforceable note.

I'm just applying the 50% rule that says 50% of gross scheduled rents will go to vacancy, expenses (taxes, insurance, routine maintenance, make ready costs, tenant damage in excess of deposits, utilities at least when its vacant, CPA fees, legal fees) and capital (roofs, floors, appliances, furnaces, sewer lines, etc.)

@Joshua Hawkins, I don't have any specific person to recommend, but I personally been using Legal Shield (formerly Pre-paid Legal).

There are both legal and tax reasons to have an operating agreement.I suggest the books by Nolo Press.

Joseph F.when it comes to contracts and legal help, I can't recommend more Legal Shield.

The institution would email me the password in a week- trainers did not show: how to legally form a company to do wholesale, how to talk to the homeowners and get them sign a wholesale contract, how to inspect the property to get the right estimate - trainers told me to spend $11K on another 3-day workshop (9/14/17-9/16/17) to get the 2-day, one-on-one training to do wholesaleA week later (9/15/17):- no password to the software- called Customer Service who said, "We never promised free access to Property Farm.

Deep discounts to market value are possible, but, in our experience, rare {most markets in Canada are small enough that inventory levels are moderate and there is no need to dump the property}.Lenders - particularly the Big 5 banks - tend to prefer Power of Sale as it's more cost effective for them: No/less legal expense; they do not need to maintain the property while it is for sale; the owner/borrow is motivated to get the best price possible for the property (and not to trash it); and, if the property sells for less than the note, the borrow is still on the hook for the balance.

Contacted a lawyer who was handling the legal issues of an estate sale.

He can sit and do nothing.There is nothing in RE that you're going to think of that hasn't been thought of before, there are usually tried and proven, legal methods to accomplish a solution for just about any problem you can face, so ask instead of creating things.