All of this, and more should be assessed as potential red flags.You should budget some vacancy, yes.  

In the event that Borrower is in default then the interest rate will increase to fifteen (15%) percent per annum from the date of the default to the date that the default is cured or the loan is paid off in full, and Borrower will be assessed an additional loan fee of 2% of the principal amount.

If you're the type of investor to leave lucrative vacation rental investment to luck, then this post is not for you..It is intended for those that are looking for a fool proof strategy and tips to finding, assessing and buying an STR in the mid to near term. 1.

Seems like it's just 6 of one, half dozen of the other.Thanks.

The lender is harmed by a changed risk profile when he must now deal with an unknown owner whose interest you have actively concealed. john while agree with the risk assessment for whatever reason almost all loans to homeowners there is no clause that says they must notify the lender .

Also look at property tax rates, how often properties are re-assessed and if there's a cap on property tax increases.

Maybe next timeBecause I could share a story - or even a dozen stories - that don't resonate with the individuals reading this particular thread.

I just closed a $2M condo on Indian Shores and luckily they did it all last year, but it did cost each unit $50-100k in special assessment.

I agree with Adam that there's not enough information here to say who is at fault.If you are spending all your income on maintenance after three years, then I would say you are being cheated by the PM or you bought a real dump.Personally, I would suck it up and find an expensive, but reliable, contractor to visit the property with me and make an assessment of what needs to be done to fix the property and stop the bleeding.

Now the minimum standards your basement has to hit for it to be able to count as assessed sqft not estimated is a height of 7 ft, a point of egress (bilco doors) and a window usually in the rear, It's one of those things where if your going to go through the process of digging out a basement you might as well go for it and dig it deeper then 7 and closer to 8 ft so you actually stand out compared to the competition.Now the other side of this coin which I would suggest is if you're willing to spend 40-50k on a basement dig, consider adding a 3rd story addition if your a 2 story (think master suite, walk in closet, master bath) or an addition off the back and add a roof deck if your a 3 story (either master suite or just additional bedroom).