@Jeff CostaI have an attorney in PA that can review but they are not cheap (but very good)

So they'll sell it for cheap anyway (not full retail) and then pay the 6% on top of that.

In order to harness as much of the effects that add to your net worth you want to buy as many assets as you can, and as much quality as you can afford.It is very tempting to go into cheap neighborhoods, but especially with the old housing stock we have in the Midwest capex will exceed cash flow over time and you are not building equity.Consider your first deal a proof of concept.

Honestly, I would sell it now while there are still an endless supply of foolish newbie investors out there that have the capital to throw around $2M with no underwriting skills and assume they'll cashflow based on bad advice from realtors and youtubers.Eventually once everyone starts wisening up to these investment-only properties being a negative investment, prices will start falling and you might lose that equity. 

This is the perfect example.We have been using the leses and other froms from WLB for over a decade and I have seen them getting updated over the years, so I somtimes throw out a package of forms and order new ones to be up to date, but they are so inexpensive, its a no brainer.WLB has a store downtown Milwaukee worth visiting: they have all sorts of landlord supplies you did not even know you needed from print all the way to parking signs and traffic cones.

Just some food for thought for those who invest in mortgage notes and think buying seconds cheap gets you in the business at a low barrier to entry  - it is cheap until you have to reinstate or payoff a first lien.

Throw the book away its useless.

Many of us rode that wave, using cheap financing to expand portfolios.

Also, there were times when the appraisal came back lower and the refinance did not make sense and he did not throw a tantrum and say we wasted his time, etc.

Our annual pass is stupid cheap for what we offer.I will say that while we do have a whole lot of sub2 investors that attend these groups, we don't put an emphasis on that strategy.