In fact, nothing was ever done.To make matters worse, I have another Fund That Flip deal that has gone south with little hope to recoup that investment as well.The loan was made in June 2018 and they stopped paying a year before Covid started and this is their latest comments:The developer remains non-responsive to Fund That Flip’s communication attempts to discuss foreclosure alternatives.Foreclosure counsel is waiting on the court to schedule a hearing date for the judge to rule on our motion for default judgment.Fund That Flip continues to work towards re-establishing contact with the developer and their known colleagues to discuss a successful exit.

What would happen if I bought a house and moved in, rented the rooms out, then quit my job a few weeks later and used my self employment income to cover remaining mortgage payments and my bills?

Draw schedule to be agreed upon prior to closing.Term: 1 YearFee to Lender: 2.5 points – ($13,125 paid at closing from loan proceeds).Interest Rate: 11.5% Interest-Only billed monthly on outstanding balance.Interest Reserve: $15,000 – approximately 6 months interest, paid at closing from loan proceeds.Once interest reserves are depleted, borrower to make interest-only payments monthly.Pre-Payment Penalty: Should loan be paid off prior to interest reserve funds being depleted, a pre-payment penalty will be charged equal to the amount remaining in interest reserves at time of payoff.Loan 2: Loan amount 490,530.60Lender Points: 3%broker points: 1%rate: 11.99%Term: 12 months (interest only)Prepayment penalty: NoneProcessing fee needs to be wired before LOI can be issued

I remain professional throughout all conversations tenant later said that the room and closet is flooding.

I'ts buying a multi family property as owner occupant and getting rent on the remaining units.It's lower down payment since you are owner occupant and lower rates too.Easy way to get started.Feel free to PM me with any questions.

How many years are remaining?

Understanding the remaining life expectancy of these items and reserving funds for their eventual replacement or repair.Insurance costs are another significant factor.

This will provide an opportunity to get the lender some payment now and more importantly, for the owner to negotiate how the remaining debt gets settled.

I could possibly think of a hybrid where the maintenance and emergency calls are handled by someone else and the remaining things a management company would normally do I could do myself. 

I have rehabbed one of the remaining two units needing work.