My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Most DSCR lenders will require a credit score of 620 or better.

This figure includes allowances for heat, electric and any other utility that the tenat is required to pay and this is deducted from the FMR. 

I am not yet familiar with the management fees for an STR yet as we self manage, however Cleveland itself is currently STR friendly and just requires them to be registered if you have stays over 90 days and then you register with the city and pay $35.

Any individual PM (not associated with companies) who can handle 3 doors in Jax and Citrus Spings, fL

All but one of the family members are on board, and we collectively own the majority, but it's 55% and the bank requires 60%.

For 2024, the annual gift tax exclusion is $18,000 per recipient (rising to $19,000 in 2025), and amounts above this require filing a gift tax return (Form 709).

Things wear out over time, require updating, upgrading, replacement etc..

I'm interested in learning more about owner financed deals, utilizing HELOC's, and the ongoing demands and requirements of being a good landlord/property owner. 

If not on a state road, a muncipal permit is also usually required.