All Forum Posts by: Victor N.

State law might provide longer protections which still apply

A quick Google search reveals that the Protecting Tenants From Foreclosure Act was extended in June 2018 with no sunset provision now. Apparently, you will have to provide 90 days notice to quit or allow them to stay until the end of their lease (unless you intend to occupy the property, which then requires 90 day notice as well)

Check with your insurance agent. In my area, a 60 amp service is not insurable. The tree limbs hanging over the structure have also caused a cancellation notice for me. I agree with other comments about the other issues

Turn off everything in the house and look at the meter. If water is flowing, there should be a dial turning. If you can't find the leak after confirming it exists, call in a good plumber.

You should be able to do a partial asset disposition to dispose of the inferred remaining basis of the old roof. Ask your accountant or tax advisor, this is where doing it yourself will likely cost you money. I agree that the $1000 out of pocket will probably be 100% deductible under the deminimis safe harbor

Actually, selling your rental would hurt your DTI because it cash flow positive. That means the rental income covers the associated mortgage PLUS the cash that exceeds the mortgage and expenses helps pay other debt

Time to get advice from a local licensed real estate attorney. Why did you have an appraisal without a financing contingency? That implies a cash deal.

@Ned Carey An example is the consideration necessary to support a deed transferred as a gift could be love and affection in some jurisdictions. While I graduated from law school, I am not practicing law and this is not legal advice.

Have you calculated insurance, property tax, maintenance and capital expenses, plus management. Those numbers look pretty thin to me. How did you determine the monthly payment? The implied interest rate and/or amortization period appear quite high or short.

I think you will need an Arkansas lawyer to help you sort this out. Ask about whether you can set aside the quit claim deed as a fraudulent conveyance made without any consideration (value) transferred to you. You will need to show the lawyer any copies of the documents from the transaction that you have. I am guessing that the other lawyer wanted to see the operating agreement for the LLC. Be careful about triggering the due on sale as that has the potential to severely impact your credit since you are on the mortgage. I assume you also signed the promissory note. If so, you probably remain personally liable to the bank regardless of what entity owns the LLC. I am not a lawyer and this is not legal advice. I think there is more to this situation than those of us following the thread know. Good luck, family business disputes can get messy.