I have never had a problem with others in a unit under this arrangement, no more than any other lease.

Typically the single drainage line is no more than 40' at the most.

Thanks for that great response.The problem with the exemption is that the code reads "a natural person who sells residential real estate and who lends or services, in one calendar year, no more than five purchase money notes".

However, and this is really for the newbies out there, your margins were dangerously thin.The rule of thumb, and this is for your protection, is to buy at no more than 65% of the ARV minus the repairs.

Presently, I have about $35,000 left and looking to start over in a new state.My credit is no more stellar, but used to own many properties and familiar with creative financing techniques.I was thinking about Atlanta, Chicago, Florida, Las vegas.

Check your state laws, most of them set the maximum late fees.In Iowa, it's no more than $10 per day with a maximum monthly late fee of $40.

You should buy the house for no more than what is owed or even have her pay you $300/mo for 10 months to make up the difference between the balance and the ARV (if you trust your numbers).

For a rental, the property would need some updates, I figured no more than 5k (clean the carpet if doesn't need replacing, paint throughout the house, paint the kitchen cabinets (hideous diarrhea-green color).

Asher,I am not sure what other items you have on your credit, but if you have credit card debt, try to make sure the balances on your cards are (preferably 33%) no more then 50% of your available credit.

Pets are extra $ $ $Keep this phone no. more houses soon !