3) Finally, as I underwrite this deal, do you think it is realistic if I assume about $100k in lawyer fees to foreclose on this property?

The logic is that as a lawyer his materials are more likely to be clear about the legal principals.

Jason I am a newbie and I appreicate your advice...I will consult lawyer on this...I will make my business to visit your site your great...thanks

Everything is done other than signing the docs at this point so will take your advice and talk to a lawyer and for sure the asset manager at B of A.

I cited Malkiel's work and countless studies done over decades and all of the geniuses (MBAs, doctors, lawyers, etc.) swore up and down that they were too smart for the rules to apply to them!

You need to speak with a lawyer for the answers in your area, but as far as your first question is concerned.Do i get the original seller to sign something This should have already been done!!!!!!!!!!

The best technique I know of is to start with people you know -- doctors, lawyers, and other high-earning professionals with lots of money but little time to focus on investing.This will also help you avoid the securities issues Bryan mentions above...

But there's no additional licensing requirements just because you're running an LLC.LLC paperwork should be drafted by a lawyer to get it right - skimping on this could cost you later on.

You could even write the check from your personal checkbook, credit contributed capital and debit the expense in each LLC if you like.In your example, as long as you've got the required support (billing), nobody's going to care how that expense gets allocated through the LLC's come tax time.While, I too, can proudly declare I'm not a Lawyer, or a CPA, I do work in large companies, and have done cash accounting and inter-company accounting with boatloads of legal entities in multiple countries, holding companies and the like.

Does the seller have a lawyer or is he just working with a Realtor or the bank directly?