The details of how junior liens are handled varies from state to state.

Anything he read about investing he would discuss with me, in detail or causually.

That would be fine, if there was some detail around how to do this and still have the buyers money for the purchase.I also think that there should have been a recommendation for a lender to evaluate the back end of the deal and the renter to see if the end purchase is realistic.Again, despite my criticisms, I still recommend buying this book.

I inspect the properties myself on the initial walk through and then live with my decision.

However, it doesn't go into detail on either subject.

Find out more details...

Also did the seller provide you with detailed expenses?

If you're going to do it anyway, I would start a LLC and then document the relationship down to the last detail, including EXACTLY what is expected of each person and EXACTLY how the profits would be divided.

I want audio recordings of 20 different discussions that you have at people's houses negotiating the contract.I want to be told exactly what I should be thinking and doing at every step along the way, maginified in detail 5 times as every other book out there.

I was trying not to go into details how I got screwed over by a contractor, and loan officer, and realtor...all in the span of 6 months.What I got from the cash out refi, was about 1/4 of the estimated fix up costs, and then my contractor bailed, after paying him some upfront.