Completely undamaged and no explanation.

SOunds to me like they just want to take the short cut for them and not have to use letters of explanation for what was done.....I don't ssee this not being done, IMO.

We are all here to share and learn, the community would get a lot of value out of some further explanation from you (I.E. how we can get involved, what the structure looks like, what your clients needs are, where your industry is going).  

If you're had these properties for a while, the lender may want to see your tax returns and will use the actuals rather than the 75% estimate.The explanation from another recent thread was that if your actual or estimated rental income is positive, it adds to your income.

I agree, in fact, when I studied this asset class years back, that explanation was given to me by another source, not word for word, but darn close to it, so it has always been my understanding of class ratings.I also became aware of the need in many cases to combine some of the asset classes.

Any explanation as to why the rent is late?

They did want credit report, 3 months bank statements, explanation of all deposits (even a $46 state income tax refund needed explanation -- weird), and mortgage statements from all properties showing escrow accounts for some reason.

Now I need to send the tenants a letter explaning why they are not getting any of their security deposit.

Oh, but excuse me, maybe one day I'll be exactly spot on with your guess, not factor in vacancies, and understand your reasoning like you said.Maybe one day, you'll understand it as much as I do, then me and you can team up and study this cause I'm obviously incompetent, then me and you can tell others how wrong they are with no explanation what so ever.

He's just kind of a bully.Again, thank you for your explanation.