Windows - Needs all new windows (I wasn't quite sure how to count them, since some are side by side, some are smaller, and some are 3 panel...I counted 25 not including the middle portion of the 3 large pane windows) $6000Foundation - Looked okayLandscaping - Remove trees and shrubs, tear down and remove shed, bring in landscaping rocks, power-wash sidewalks and driveway, remove fence in front and back, put new fence in back, new mailbox, plant new shrubs/flowers for curb appeal. ($3000)Exterior - New exterior and screen doors ($1000) Change exterior light fixtures, new shutters ($400)Interior paint/carpentry - Remove all wood paneling and add/replace sheetrock where necessary.

Your max debt ratio is 45% for conventional with good credt, and your next one will be straight investment property (since you won't be living in it) and will require 20-30% down.They would count income from a part time job only after you've been in the job for a year, some even want two years.Once you have the two years of landlord experience, they'll count the rental income, and as long as your properties have positive Net Cash Flow (NOI minus P&I)--you shouldn't buy any that don't-- then new purchases will actually improve your ratio, as positive NCF goes into the income portion of the DTI ratio at that point.A local bank or credit union may cut you some slack and let you count rental income prior to having the two years of experience.

If you could, you could then find a buyer to take over the mortgage sub2, plus a down payment (which a portion would go to you as your fee).Such a process would work a lot better if you were a licensed agent who convinces some motivated buyers to let you market the house with owner financing.

If so, who is on the title as owner, or does each lender have a portion of ownership, such as the outstanding loan balance owed to them?

I'm in shock at these people- There was a portion at the end that said they are trying to find an investor to buy the house from them and then sell it back to them.

Take a small portion of that $1000 plus legwork and find some deals.

Where if done at purchase it has a whole portion of it that is speculation; "rehab SHOULD be this much, arv SHOULD be this much, rents SHOULD be...".

I can justify the $600/mo taxable loss because a portion of the property would be used as an office for the LLC.Is this smart/stupid/illegal?

However, having said that, if they ever sue you to collect the unpaid portion, you would make a counterclaim against the HOA for not paying the water bill as the association documents state.HOWEVER, you really need to have a full understanding of why this is happening.

Selling only a part of the note would involve selling the right collect only a portion of the future payments.