Otherwise it is a ten-day notice.If you haven't seen Elizabeth Colegrove's post on lease terms, look it up.

@Elizabeth Wilson Fantastic tip!  

Also, I do my flips in Brooklyn and Queens, NY, anyone know of a good place to buy materials other than the big box stores? 

Originally posted by @Elizabeth C.: We buy class A.

Decent areas of queens and brooklyn are untouchable at this price.

Originally posted by @Elizabeth Atkinson:Thank you all for the info it has really been helpful.

@Elizabeth Colegrove I'm sorry but your analogy makes no sense.

Hi Elizabeth - yes you are right but here's the "conundrum"; I don't want to pay high taxes and write off everything I can, that I can defend......which means the bottom line looks a lot different than the top line.

We sucked the water out, put huge dehumidifiers in and fans and cleaned the carpet ( our carpet guy told us that carpet can be cleaned but he was wrong but not before charging us $400. for the cleaning- our mistake) In the meantime tenant was pissed because the carpet smelled and according to her there was mold which there wasn't  (she is a drama queen) but with all that said we ended up pulling the carpet out and redid the whole basement with vinyl water resistant tiles.

Jon, I'm working on a scenario just like Elizabeth's and I was under the impression that the money lent would be the 1st mortgage...In other words, when my private lender gives me the money, that will be the money used to buy the property...where does a second mortgage come in?