If he can pay all 15 months up front, that is your financial security (at least for the 15 months).

. 🎉 I’m still finalizing things with my lender, but before I move forward, I want to be 100% sure I’m covering all the key steps.Here’s the checklist I’ve put together so far:Home inspection – to catch any hidden issues.Appraisal – to confirm the property’s value matches the offer.Financing contingency – securing my loan approval without surprises.Title search – ensuring there are no liens or legal issues.Seller disclosures – reviewing any known problems upfront.Neighborhood research – making sure the area fits my investment goals.Are there any crucial steps I’m missing or anything you think I should focus on more?

Contraction: Emphasize cash-flowing properties, distressed sales, and securing deals below market value.

You absolutely need to get copies of all the leases, AND, before closing I definitely suggest you get estoppel agreements signed by the tenants verify their current rent, security deposits, and any other important terms.

We negotiated a favorable deal by assessing the needed renovations and offering $60,000 to secure it quickly.

This would make decision making hard, on top of likely needing owners to sign mortgage guarantees, etc.Not enough involvement/too many owners, that you no longer satisfy SECs rules for involvement and it is really a security that needs registered or exempted.Some middle ground, like DSTs or these other fractional ownership, where the admin work is so intensive that fees need to be higher to make it worthwhile for the operator.Then again, I am drawn to real estate, so by nature drawn to traditional, proven structures.  

Personal loan secured by the property: Same deal, no verbiage that I see making it appear that this is personally guaranteed3.

.- All hardware should be present, property secured, and in good working order (e.g. door stops, light fixtures, faucets, toilet paper holder, hand & bath towel bars, drawer/cabinet pulls, hinges, door knobs/locks, etc.).- Carpets must be professionally cleaned or, if necessary, replaced if there is excessive wear.- The yard must be in good order with no debris, either natural or other.

The PM is still responsible for giving you any monies owed from rent and/or security deposits.

My plan is to read about 10 books on the subject and engage with others in the real estate community over the next six months, all while working on building a strong credit score to secure my first loan.In the meantime, I’d love to hear your advice!