It was basically an IOU for 20K between buyer and seller. 

Basically if it's called a deposit, it must be refundable. 

Did a good job teaching the basics on a macro overview but then also diving in deep into specifics.

Basically in order to raise money without the same requirements as a public company you need to follow some rules about who you can invite into deals.

Bob I get the concept I have done hundreds of them.. 

We have been mostly happy, although our units are very basic and the work being done was not major rehab.

Basically, the mortgage remains in place, with the buyer making the payments.There are scenarios in which this can be beneficial to the seller and the buyer, but this is definitely an advanced strategy that should only be attempted after serious training and using solid paperwork.If you search here on BP for "subject-to" (or "subject to"), you'll find plenty of forum and blog posts on this topic.

So basically I’ll be busy with my current job and unfortunately won’t be able to benefit from a broker’s front office, or training, or support network just yet (hopefully in a few years).  

My main concern is my tenants are basically professional system abusers and I wouldn't be surprised if when the constable shows up, they magically have a check with the outstanding rent owed. 

It will familiarize you with the basic terminology and benefits.