Hi BP members, I'm getting ready to close on 3 family in the Weequahic area in Newark NJ and was wondering if anyone have any of their properties listed on Airbnb as I was thinking of converting 1 of my units into short term rentals. would like to hear any hurdles or successes people have had with Airbnb in any parts of Newark.

Without a lease, there are extra hurdles to evict.

., all the paperwork is already in place, and I have the capital ready to build a real estate portfolio, so the only remaining hurdle for me is to establish a banking relationship.Thanks for your help!

We had that changed in the Montgomery County/DC form specifically because too many sellers were voiding the contracts when buyers would come in with unreasonable requests.But the reopening of negotiations I thought was a universal thing, as it's the case in 3 out of the 4 states I do business in.

Some of the people you dupe into believing that you're going to buy their house and then screw over by reneging on the contract are going to have friends who do unreasonable things like find out where you live and hide out in the bushes near your car with lengths of steel pipe and degenerate pygophiliac designs.

Then, is there an automated way that I can pay the LP their share based on the hurdles, catch-up needed to get to their IRR, etc? 

Instead, we are putting this out, with proper contingencies (inspection, appraisal, financing, etc.) to give confidence to the seller that you intend to buy at your stated terms, barring any unexpected hurdles covered by your contingencies--which can ethically be negotiated should they arise. 

Biggest hurdle is the documentation/ forms the lender needs for 203k super easy to do (I’ll even help) but not difficult for people who have high school level clerical skills.

This is a hurdle but can be done if it still needs to go through probate.

Or are the interest rates just too unreasonable?