Well said, Desiree.Gator lending is secured by contracts that say that if the buyer doesn’t come through, then the gator gets the EMD back. 

Hello,We are being approached to GC/partner on a spec home with whom the client owns the lot and will be securing the construction financing himself in order to do the deal.

Most of the time you can find a local bank or credit union that will beat these country wide lenders In my experience.

They need a wide berth.But, the good part is that we have a blank slate to work with.

good luck  Here in Boise, I have a client, he is having an ADU put on his property this week:1 br 1 ba, 448 sq ft. 32 feet long, 14 wide.

The key is marketing on a wide distribution of channels to get a billboard effect and attract those mid term renters.  

A lot of the time, the HML 2nd secured by the high equity primary residence would end up getting paid off in short order with via a HELOC, so there'd have to be points in it upfront for the HML for it to make sense.

Yeah if you choose more security over less work, then having multiple accounts seems to be the way to go. 

Negotiating with the seller was straightforward, leveraging the property's condition to secure a $50,000 purchase price.

At a bare bones minimum, the letter confirms the start/end dates of the lease, monthly rent, paid-through date, absence of any prepaid rent other than the current month, and security deposit amount.Better, it will include statements there are no unresolved claims or disputes or repair issues with the current landlord, and no verbal or written side agreements.Better yet, it will include a copy of the tenant's lease, and a confirmation the lease is a true and correct copy with no amendments.