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You might break some teeth in the process. Which will hurt like hell, and will probably get you rejected unless you're the only Healer around capable of easing the pain. :P
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I don't think much control is really relinquished. The covenant does not allow cross-induction or changing enemy statuses. Perhaps the only lost control is when you want to hold a transferee as a novice rather than GR1 sin…
If the initial problem was that it was too expensive to get a cartel, wouldn't it make more sense to make the first book free simply from achieving mastery?