A gas station and conveint store basically share the intersection it sets beside.  

I have a basic knowledge of single family homes and singal rental units and am not versed in REiT's or their makeups.

Simple, basic question to start out my membership with BP:Scenario: You're 26, a teacher, and love the thought of REI.

Its a basic loc with a 7.25% APR...

He basically confessed to me that he bit off more than he could chew.

This is the part that needs more details on your specific situation.As far as setting up the partnership and the k-1, I have looked into that and basically between my attorney, my accountant, and myself, we determined that would only result in higher fees to the IRS for more returns, higher fees to my accountant for more returns, and higher fees to my attorney for the legal work associated with setting up the separate entity.

But basically we talked about rehabbing a house.

I am in the Raleigh, North Carolina area, and work a full time job, doing Buy-and-Holds on the side basically.

As a newbie in RE, this kind of story make me aware of what's tricks scammers use out there.

Wouldn't an assignment basically be the tenant selling his option at the agreed on price to a new buyer?