As @Ned Carey mentioned, these are just crude ratios to give you an idea whether a deal will pencil out and that's how you should use them.

As @Ned Carey said.

This of course requires certain disclosures that you include in your offer as @Ned Carey suggests.

Your rental agreement may have something written about keeping the public areas, decks, patios, clear of personal items and debris - and things that could cause a fire hazard, neglect, etc.Other than that, a written warning as Ned mentioned wouldn't hurt, and reiterating tenant's responsibilities as stated in the rental agreement.

But as @Ned Carey pointed out, whether it is on the one person or all depends on who is named in the lease and how the lease is worded.

As far as n umbrella policy, mine will cover lawsuits (certain situations exempted), but only up to $1M.

As Ned said, definitely check out "The Ultimate Beginner's Guide to Real Estate Investing" to help you get started!

Also, as Ned Carey said, definitely set up some Keyword Alerts for some of the topics you are knowledgeable about, or other topics that interest you (like Hard Money, New York, Rehab, etc ) so you'll be notified that those words were mentioned in the forums and can jump into those conversations!

Ann,You're absolutely right but he could finance it with hard money as N/O/O refinance it with conventional and then move in after he pays off the hard money lender.

As Ned Carey mentioned, there was very definite selling from the stage.