Even if the seller has no equity in the home, couldn't the REI create equity for themselves via a wrap?

From there you can create a solid plan and then execute the plan.

Let me know if you want to get together for coffee some time to talk RE down south.I am working on creating an local REI specifically aimed at Canadians investing in US RE, so I'd like to connect some time soon and see if you have any interest.

Buyer gets deed from seller at closing.2) Wrap mortgage: A new mortgage is created between the buyer and the seller.

Ryan, I agree, I think the housing crisis created a lot of landlords who HAD to get into this business.

I got my first deal by creating a wix.com website for $8/month and paying $5/day for PPC.

As you may imagine, this in most cases would create a type of balloon payment at the end of the BK plan or increases the payment required through the plan to a level not attainable by the borrower, so it has it's own barriers.

This will certainly help and get me thinking on the structure of whatever LLC I do create in the future.

When the income is derived simply from buying and selling, especially if there is value added through the process, then that typically will be viewed as conducting a trade or business, and if done on a regular or repeated basis, would have UBIT exposure.So it is not the notes, but the buy, remedy, resell model that create the exposure.

We were going to both invest $50k and split 50/50 on the profits on that triplex, which would have brought us both about $300-$400 / mo profit after costs.I want to trust him, but I also want to safeguard against anything going wrong.My goals are to simply buy property, both Multi-Family Units and SFR's, and create a passive income stream to help me with my goals of going back to school and creating something bigger with my life.Any advice is greatly appreciated!