Your 65K house may not be at market, but it's the cost of acquisition as well, so legally you're at 65K without drapes I guess.Nothing says you can't get a good deal.I'm totally aware of how all this works, how investors or dealers acquire a property and borrow more than what it's original purchase price was or at full value showing higher values based on repairs made or other comparable properties, how partnerships can be formed, how interests can be pledged and the justifications given, so I won't go down that long road either.I'd expect you to stick by your opinion, I've never known you to admit even being slightly off on your opinion since I've been here, that's not saying you're right, but I understand that when your business model is touched upon you are very protective of the basis of operations and that's fine.What I stated stands in court, gurus have been nailed over such claims.

Taking its place are four new forms, including two forms that enableparties to originate seller-financed transactions provided that the seller is able to qualify for one of two licensing exemptions created by the Consumer Financial Protection Bureau.

Marc, if we get a lender's policy, will that protection transfer to the note buyer?

It looks like we would be best served to form an LLC for the asset protection.

The assignable contract the wholesaler has with the seller offers protection.

LLCs are the customary entity used in RE.What is better than any entity is insurance to protect your assets.

That's not only to protect your deposit if you can't find a buyer.

The reason for this is to protect oneself from unknown liability.  

I am fairly new to REI and my investor in this deal is a family member, so I want to make sure that we are both protected and happy with the JV agreement, Not that if this wasn’t a family member that I would treat this any different.

There are ways to provide protection for yourself.