(2) Is there ever an advantage to taking out a shorter term mortgage (maybe 10 years)?

Not including any "tax advantages" that are irrelevant to anyone who can afford to buy in resort areas.So, help us out and give some real, all-in numbers.

This is a great scenario because aside from having a financial backing, you'll also be taking advantage of the years of experience that the established investor will be bringing to the table.

Can you suggest any good books/sites/resources on how to set them up to best advantage and how to run them and do the accounting and fulfill the other requirements?

Just hard to find any help in how to break into commercial lending, most people you ask for help in the business look at you as competition and dont want to give you any advice.

My company is in competition with Aurora trying to win over a larger portion of the Lehman Portfolio.

So if you are getting callers on an ad for a $450 house, they can't afford $550.If, by any chance, they actually do move in at $550, they are already ticked off at you because it appears to them that you lied to them about the rent, and you are taking advantage of them becasue they are poor.

The last thing I need is more competition from investors.

Yes that are many advantages of being a first time home buyer for instance if you stop by and check out www.hud.gov/ you will find all kinds of programs avaliable to you.

This will work to your advantage because the listing agent will "PULL" for you.