I would make only one modification to his statement, it's not just business, it's every partnership.You need people who give a ****.

@Lucius CarrollThanks Lucius, we have reached out to a couple of the newer complexes and started the process of discussing modifications.

Inexperienced investors tend to (1) get exited about deals without having the experience, knowledge or ability to properly determine if indeed the deal is good, bad or mediocre, (2) take what the seller says as gospel not realizing most sellers will exaggerate, lie and or withhold vital information to get what they want, (3) engage people who will provide opinions for free rather than pay a competent professional, (4) get emotionally caught up in the deal and very defensive when receiving an opinion or information that doesn’t support their dream, and rationalize that more experienced people who point out flaws are “jealous, negative or haters”.Btw, no one can provide any knowledgeable answers to your questions without first analyzing the deal, your ability to come up with a down payment, your credit capacity and banking relations, if you have a track record, your experience with similar property ownership, etc.

Having a strong pool of competent contractors was vital.

I'll make a few modifications that I think will appeal to renters, but other than that, it will be ready to go.

It is vital that this type of escalation clause clearly spells out what is and is not classified as an operating cost. 4.

Normally there is a Modification to the Promissory Note. 

You should also reiterate that he is not to make ANY repairs or modifications to the property without consent.

Borrowers can request for loan modifications to postpone the sale many times.

During the real estate debacle a few years back, I fell victim to getting a loan modification workout understanding the terms.