Doing so ensures they've had notice sooner rather than later, and also so they know I'm running a business and not simply enjoying a hobby in real estate.On the other hand, if the tenant doesn't pay the rent when due, the law in Michigan only requires a 3 day notice.

Some folks will pay cash for a property then want to sell it a couple of years later.

now 5 subdivisions later and about 300 new builds Its a nice combination short term lending like we do and long term building.

Most home warranty policies would cover leaks.As far as what is acceptable, in my market (Milwaukee) nobody bats an eye on cast iron sewer pipes or clay tile sewer lateral.

If it is later in the project, and most of the money is spent, well that is where reserves come in (hopefully those aren't blown through).If you have more time than money, you go in and do work that you would prefer to have hired (i.e. cut new beds and put down mulch yourself versus paying the landscapers...).

Plus, interest payments continue to be made on that bailout 15 years later. ;-)Profligate spending ( undisciplined, un-necessary debt) has risen by an additional $22,091,000,000,000 ($22.9 trillion) for 76,636,000 new houses at $300,000 each and everybody would have a new house.

I am set to get my Michigan Residential builders license later this month.

If you know you need to do the roof within the next 6-10 months, I generally favor getting it done sooner than later.

@Yixiong Pan  For the case where we escrowed the potential tax due 5 years later, that was a requirement of the buyer of the property, title company in order to give clear title to the buyer. 

Would it negativly affect my mortgage, or do I need to notify my lender at all to build the second home on the lot and then figure out the lot split later if it's necessary for renting or selling the new or original home?