I did have two called and we paid them off upon receipt of notice from the mortgage servicer/ credit union in one case.And there are many more gotchas bottom line if you have deep pockets this is fine if an investor thinks this is a no money down I dont need any money this is a disaster waiting to happen.thanks this is very helpful, the deals we would do we are prepared to payoff the 1st. 

My wife is also part ofa LP/GP (where she is the asset manager) that acquired a value-addapartment complex in Houston, where the renovations are now complete, and theGP is in preparations for the refinance.We are currently working on further expanding ourlocal portfolio and are planning out our next larger acquisitions.

So good to know there is another option for those that want to test the waters before jumping in.

It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play.

I personally recommend doing a small project together first to test the waters. 💡4️⃣ General Tips: If you're partnering out of state, legal agreements are a must.

Nothing crazy, but a good starting point for me to test things out and see how it goes 

If you pay rent while in Aspen, that housing expense will be factored into your DTI ratio (e.g. total rent paid in 5 months divided by 12 months).You should be prepared for your loan file to go to an underwriting manager for second-level review on account of the occupancy risk associated with your primary home being located so far away from your work.

These are normally the same investors who are preparing 12 tab excel spread sheets for their $100k BRRRR single family’s…..yeah they’re over compensating. 

Material participation requires meeting certain tests, such as spending 100 hours or more on the activity and participating more than anyone else.

So, there's that, but I'm the type that likes to be prepared and would rather have a client list to present deals to and haven't had much time to build it.