Our LTV is less than 50% ( yes no risk at all for the bank, and we have top credit score.We already paid the appraisal, environment fee, wasted countless hours etc...The texts in LOI: Financial covenants:-- Min DCR based on actual rents for the first trust deed of 1.25:1.00 based on a 25 year amortization by the end of 2018.And in the loan doc---Property is to maintain a 1.25:1.00 Debt Service Coverage Ratio, tested annually.We would not have paid the fee and sign the LOI, had he included the phrase tested annually.Please understand that the loan  will be for 10 years long, and we are very confident that we will always have fund for the monthly mortgage payment.

With a clear bowel, a slow leak will just continuously drain out.

Long story short, I had a leak in shower and there was some mold on floor, not terrible imho. $2000 between mold crew and plumbing. 

There are some skills that I suggest every homeowner learns in order to avoid high repair bills (in order I usually do them):-Fix minor roof leaks & repair siding/exterior-Fix water supply leaks with compression fittings or hose clamps if needed-Install lights, replace bad receptacles, switches, or breakers-Install electric water heater if needed-Fix subfloor & sturdy up framing if needed-Fix/replace windows/doors/glass and install locks-Drywall/mud, brush&roll paint-Install floor (floating/tile) and cut/install trim-Install toilets/sinks/cabinets/faucets-install mini split units if no functioning ductwork

HOA docs didn't arrive until a few days before close.

a) <12 months self employed is hard money only.b) 12-24 months = "non-QM" alt doc loans open up.

If you pay the utilities, there is very little concern for conservation  on the tenants part.. they are less likely to report leaks/running toilets.  

But if its in my name I can keep an eye on the bill to ensure they are using heat to keep the pipes from freezing and making sure there are no bad leaks (if bill goes to high). 

Lets say I can work out a deal with him and he can maintain his current bank mortgage,  What legal papers between me and him would let me be able to deduct the mortgage interest and taxes, when those mortgage docs would still go to my buddy with his name on em?

Leak in pool plumbing.