@Guillermo PerezPositives:- Equity Built: You now have $70K in equity, which is a solid result for your first deal.Cash Flow Potential: If the property rents well and covers your debt service while providing some cash flow, that’s a win.- Experience: You’ve successfully navigated a purchase, rehab, and refinance, which are the core components of BRRRR.Considerations: - Budget Overrun: Being $27K over budget highlights the importance of tighter cost estimates and contingencies.

The Seller needs $200k now in order to get out of debt.

Might be a good idea to form an LLC anyway for legal or tax purposes.

And as far as legal—an attorney becomes essential once you're ready to finalize terms with either an HML or private lender to make sure everything’s secure.Hope this helps!

I am not sure of the legality associated with this and the issues of going from 4 units(residential) to 5 units (commercial) even if one unit will only be owner occupied.

Will they "check themselves" from bad behavior when they see a professional company with professional services, legally reviewed lease, etc. managing their day-to-day?

On June 7th, we sent an itemized list of deductions via text; he responded on June 8th, disagreeing and threatening legal action.

Recommend having an attorney review it to confirm.If the PMA has legally expired, then the PMC is in the wrong - although they may still have claims for covering the legal expenses.

While I’m not an expert on the legal aspects of posting here, I do have years of experience coaching students in real estate sales and investing.For anyone getting started in real estate, I always emphasize the importance of focusing on key steps before committing to a deal.

Give proper legal notice of non-renewal and get them both out.