I'm under the impression that the bank is entitled to have the note fully satisfied (including penality and accrued legal costs) and then the borrower is entitled to any overages.This is why I'm confused...

Quote from @Kar Sun: My tenant's lease is coming to a close and I am relieved she will be moving soon.She has been paying on time but has been extremely unpleasant and rude.While the money does not smell my mental sanity is more important than money in this case.She sent me a registered letter stating that she feels "unsafe because we have not done the fixes the way she wanted it".She requests to have her witness for a walkthrough.In my state a walkthrough is required but I am not about to grant it to her to bring any witnesses as that is not in my contract.If she feels unsafe she does not have t be present.I also do not treat a final walkthrough with a tenant as a final sign off.This walkthrough does not include a detailed inspection of the plumbing and the appliances that will be done after she departs.This is simply for the visible cosmetic issues and should take less than 1 hr.  

Can't include furnace, hot water tank, central ac and some other built-in appliances - check your local ordinances.

Avoid.The majority of the Mexican developers are honest and do a great job but people need to do a proper due diligence, including knowing who they're dealing with.

You will be within close proximity to the University and approximately 5 minutes driving distance from the main city area, which also includes the hospital (could be good maybe for a medium term rental if close enough for travel nurses). 

Many (most)lenders specialize in just a few loan speciality types, which may not include the type that would be optimal for your particular situation.2.

I went to Google and searched for "New Jersey purchase agreement" and came up with a lot of options, including the official REALTOR contract.

This includes meeting with the city, engineering, conducting required studies, plat maps, etc.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

They used their money, time, and resources to offer you a complete investment, including in-house management.