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Updated over 8 years ago,
Townhome Investing Due Diligence
After a day of door knocking I just placed a pre-foreclosure townhouse under contract as a Sub 2 purchase. I've purchased SF homes in the past as part of my rental portfolio but have never purchased a townhouse. My question is what king of due diligence should I be doing thats different from a SF home purchase?
The following are some items I came up with so far:
- Rental restrictions.
- Number of rentals allowed and current number of rentals.
- Does the property qualify for FHA financing.
- Financial statement of HOA.
- Meeting minutes of HOA.
- ???
- ???
- ???
I'm sure there are more so any advise would be greatly appreciated. I have multiple exit strategies that include flipping, sell under a lease purchase option or sell using seller financing with a wrap-around mortgage.