Hi Richard,That's a classic hard money debate, isn't it?

Either way your probably going to need legal representation to figure this out.. and getting as many investors together to compare notes will also be critical.someone should have the orignal note.. and you can find the mortgage at the county recorder hopefully these guys actually did a mortgage and note and recorded the mortgage.. this is classic set up with those that really dont understand how the transactions are or should be put together and your just trusting.

@Nick Doria  this is classic  MLM  and TV real estate evangelism ... usually starts with someone up there showing pictures of their kids..

They are the classic bad syndication company that makes risky investments with bad financing structures.

if so its not really a guide per say but its a hell of a book and its the classic...."

Was actually not the highest bidder, but the connection to the Agent, even though new, and writing the classic "pick me" letter helped.

At 70–75% LTV, you could pull out around $110K, which should be enough to:Pay back your investorPay off the construction loanPossibly have $10K–$15K left for a modular home down paymentThis is a classic BRRRR move—buy, rehab, refi, repeat.Just make sure the refi terms work (DSCR loan might be a good fit) and the property cash flows.

This investment is a classic example of the “accidental landlord” strategy, where a primary residence is converted into a rental property after moving to a new home.

Here are some great real estate books that are perfect for new investors:The Book on Rental Property Investing by Brandon TurnerA beginner-friendly guide that covers how to find, finance, and manage rental properties.The Millionaire Real Estate Investor by Gary KellerPacked with insights from successful investors and a great way to build your investment mindset.The Book on Managing Rental Properties by Brandon and Heather TurnerA practical guide for managing rentals, screening tenants, and setting up systems.Set for Life by Scott TrenchPerfect if you're just getting started and looking to build a financial foundation through real estate.Buy, Rehab, Rent, Refinance, Repeat (BRRRR) by David GreeneGreat if you're looking to scale with value-add rental properties and leverage equity to grow.Bonus reads:Rich Dad Poor Dad by Robert Kiyosaki – classic for shifting your mindsetLong-Distance Real Estate Investing by David Greene – helpful if you’re investing out of stateYour First 100K in Real Estate by Ashley Kehr – great actionable tips for beginnersLet me know what kind of investing you're leaning toward and I can tailor the list even more!

It’s great that you’re already practicing underwriting deals and thinking critically about investment opportunities, even before you make your first move—that mindset will serve you well in real estate.Regarding the property you found, it sounds like a classic value-add opportunity with some significant caveats.