So far, so good and I am excited to finally get started in Real Estate investing. 

On a final note, please verify that there is a demand for this unique investment approach in your market.

After a 90 days I finally closed on the house.

After a 90 days (which is typical for assumable loans) I finally closed on the house.

My real intention on using STR’s is really just because of the tax advantages that can be carried over to my active/earned income when I am finally settled down at an Airline in the future (currently in civilian flight school). 

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

If it says they don’t have to provide anything then that’s the agreementTypically agreements require at a minimum annual updatesThe good ones do monthly or quarterly depending on offering type So an update was provided - finally- but it still excluded crucial information the investors should have been updated about (in my opinion) considering there was a significant change made in the project that they are unaware of.

My goal here is to finally get into real estate investing and hopefully get my first property here soon.

The downleg is in the final stages of creating a marketing package from the broker that we're using and should be listed in the next couple weeks.

They finally purchased the home FHA loan June 2022.