If you're doing an undermount sink with granite make sure they use a premium silicone to bond the sink to the granite and brace it from below for a couple of days to let support the weight of the sink while it cures.

Rather, they should be taking it and either purchasing more properties (preferably newer homes in excellent areas so that your portfolio is not too aged when you reach retirement, which lessens capex, and so that you will have a stable tenant base), and then at a certain point, you begin aggressively paying them down so that you enter retirement with the income you need, free of major property management worries (because you have less properties).

But thereagain, you have to weight the considerable HML cost.

With that said, challenges of course remain, and innovative solutions will have to be applied to ensure that the cost of complying with the regulations does not out weight the benefits of even trying.If I hear anything more, will def check back into this thread and update accordingly.

I can't imagine 10 year old windows carry the same weight at brand new windows or a 5 year old roof carries the same weight as a brand new roof.

He said something to the effect of he doesn't worry much about the contract cause the escrow holds alot more weight than the contract.

Screening is worth it's weight in gold and costs you nothing to do.

Another update.I backed out of the deal.As soon as FNMA accepted by offer, I had to commit to EMD and sign their REO addendum.They asked for a 90 day deed restriction, which I was OK with.The property is probably worth 165K when it's rent ready, but right now it's not.My accepted offer was 131K, with an estimated 20K to correct the violations - well the violations I know of - illegal fence, illegal staircase, illegal pond, two illegal exterior structures (gazebo style steam room and weight room), and illegal driveway and decking, plus some interior violations on a master bathroom plumbing.Oh, and a 345K city lien from years of daily fine.So when the clock started ticking I began to do my "thorough due diligence".Had my attorney reviewed the contract and looked into the lien issue.Now, the city, as a matter of policy, WILL reduce the lien down by 90% once the new owner makes the corrections and clear all the violations.

In no way would I ever try to take advantage of a seller in that way, but when we first met at the property and she began telling me her story, she became choked up and tears streamed down her face because she had no idea how she was ever going to get out from under the weight of that property.

Condo buildings, especially high rises, have limits on dogs by weight and it is often 20 or 25 lbs or so.