What exactly should these receipts consist of?

You need to be consistant and have a written renatal policy, it may state 24% of personal debt and 33/36% toward rents with compensating factors.Compensating factors may be that you have a single tenant and ratios of 20%/40%, good or decent credit, no other issues and that tenant may be fine looking at the big picture.

Also, you should have an attorney draft your loan docs, which will likely consist of a promissory note and a deed of trust (or mortgage).- If you'll be an equity partner, make sure you have a legal interest in the property, most likely through a legal interest in the company that holds title.

What you want is consistency.

I made a call to another investor and he confirmed my math was good and reassured me that it was worth the shot.

You may still not find anything, but you have a shot.

Here's a screen shot of what I see:[img]http://bpscreenshot.shutterfly.com/pictures/9[/img] *EDIT: I can't figure out how to include a photo, so see my post below for a link to the photo.

This can consist of many different people, but you can get by with just a realtor that is willing to pull comps for you to determine the ARV of a potential property.

All the usual chemical treatments tried were useless.I have no idea what they put down there but it was the consistency of bunker C oil.The basement was finished in the area under the sink & tearing the old pipes out from below would have caused way too much damage/cost.Finally I cleaned it out with a small $99 power washer I got from Home Depot to do other things.

Nothing heavy, just a e-mail or note saying your keeping them in mind and intend to give them first shot if you find something that fits their criteria.