Well, it seems the email I sent the owner of those 12 properties lit a fire. He has been sending emails left and right now, regarding one thing or another. The one stickler in this whole deal seems to be me wanting to take the properties subject-to the existing loans. He appears to be apprehensive about the whole thing even after I gave him all these assurances. His latest email says he wants a list of clients have already done this for, so that he can feel a little more at ease. He also said he wanted to sign a document that pretty much puts full respnsibility of the loans on me (even though they will stay in his name). Oops!!! For one, I have never done a Sub2 with anyone yet. I came close a few times, but haven't actually done one. Second, while I'm sure his wanting to sign yet another document giving me full responsibility, I really feel uneasy about doing it. Not that I would let the loan payments lapse, but I fear he may trigger something later that will cause the lender to take notice of the whole deal.
So, what I plan to do is write him a detailed email about the whole situation. I told him I'd call tonight, but I want to give him figures in front of his face first to show him the situation in black-n-white. If he still hems-n-haws, I may just end the deal. As John $Cash$ Locke said in one of his teleconferences (paraphrasing), "I am not so desperate for any deal that I will make a bad deal." These properties are NOT the greatest deals I've seen (or even passed on), so having the edge of not wanting to deal is squarely on my shoulders. This may push him a little more into seeing it from my viewpoint, but if not, oh well.
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