If they make every payment on time for a year or two, your investor friend can hold the note for a nice investment over time.I do think that giving them 80% of the payments towards equity is too much, he should consider much less.Tenants should be easy to find via newspaper ads with a prerecorded message to screen out interested people.

Its pretty easy to file, no lawyer needed.

This is very true in the RE world and evident in our country.For instance, previously it was seen as common place to purchase a property without seasoning.

Oh and don't be nervous about your first deal (I know that easy said then done) for if no one took chances then there would be no investors!

Real Estate.....It's easy stuff when you take it 1 step at a time.

It should be fairly easy to get one but I’ve never done a L/O.I can provide a referral to an attorney if you need one. 8)

Solo 401(k)s are as easy to start as a normal mutual fund.

This should be an easy question for them to answer.

Ryan,The answer is perfect as it is what it is.I find the name unique and not easy to pin down.

They also have a realtor coming to look at it etcOverall if I think about it right, 50k payoff, 10k in repairs, and say $4000 in carrying costs (6 months) and my total in would be 60k without arrears....the arrears have me confused as they are so high....so i'm guessing there are some pretty high penalties tacked on by the bank)So 60-70k(with the arrears, depending how much it would take down the principle when I pay those) and sell for around 105-120k seems to be ok to me.....I'm sure I'm missing something tho...Be easy on me, this is my first deal and I'm basically all on my own.....all the info I've found out on my own, trying to do what I can here.....thanks in advance!