It sort of functions like having a Receiver in place but it is the Mortgagee not a third party.  

Did he or she file your articles of organization?

Shawn:You might want to leverage the BP search function and score the forums for Lease  and Purchase Option.  

Chris Grabher There is a bp meetup in SFV tonight organized by Sebastia H. , it will be in burbank.

I'm new to the investor world and am in the process of organizing an LLC in the near future to handle investor capital and manage the funds.My biggest concern is maintaining a transparent money management system so the investors can see where the money goes and not seem shady.

For example, you absolutely want to take minutes as an LLC to show that you are a fully functioning business.  

(http://www.meetup.com/REandB/)- Account Closed organizes a meetup of BP members in South Florida, usually meeting in Ft.

Many after doing this realize its HARD  lol and they just buy a rental.. which is where I have been in these organizations cogs financing the rentals.. 

Thank you for organizing a meeting, Cheryl.

If you were to start there I would tend to choose an operating functioning building not something that needs significant work in repairs or upgrading tenants.The less knowledge and experience you have the higher your risk.