Who knows how bad the next recession will be or even what triggers it but for certain it will happen.   

I've been lurking for a while and finally pulled the trigger thanks in large to the information gleaned from individuals here on BP.  

The borrower(s) may have initially purchased the property as one of the following:                  a natural person;an eligible inter vivos revocable trust, when the borrower is both the individual establishing the trust                           and the beneficiary of the trust;                        an eligible land trust when the borrower is the beneficiary of the land trust; oran LLC or partnership in which the borrower(s) have an individual or joint ownership                           of 100%.                       

If it is going bad in the beginning, it is a trigger for you to move on and find your own motivated sellers.  

Yes, the JV partnership would be another route to take. 

Apparently it's a partnership and they help you through your first deals and you split the profits 50/50.

The title transferred and thus triggers Due on Sale.  

He bought about two years ago with very little down, triggering a PMI payment.Between regular mortgage payments and subsequent appreciation (mostly appreciation, as it sits on the water, on a canal) there is now substantially more than 20% equity in the house.The issuing bank is telling him that regardless of the equity in the house, he has to carry the PMI for a minimum of five years before he can get rid of it.Is this correct?

It's really close to the house we're yappin about over at the Latest Project Photos - BP Partnership Thread I'll see what I can do about showing it off complete with numbers next week, but here is a SNEAK PEAK!

Who after all takes the haircut in this "partnership"" if things don't go well?