But, a non-favorable catch is the requirement that Hometap becomes your financial power of attorney over the asset, in the event of default or a breach of contract where they can transfer the deed of your home, and or sell your property without your approval(cost, fees, time)Below is a situation I'm trying to evaluate.

Once fully approved the Mortgage Broker is asked to send in 1% of the line of credit as their fee to access it..

My advice for establishing a trusting wholesale relationship is to get properties under contract and controlled legally, after which you can start having a conversation about agreements.

The home buying process typically follows these key steps:Assess Your Finances: Review your credit score, savings, and determine how much you can afford for a down payment and monthly mortgage payments.Get Pre-Approved for a Loan: Work with a lender to get pre-approved, which gives you a clear budget and shows sellers you’re a serious buyer.Find a Real Estate Agent: Partner with an experienced agent who knows the local market and can guide you through the process.Search for Homes: Browse listings and visit properties that fit your criteria (location, size, price, etc.).Make an Offer: When you find a home you like, submit an offer through your agent, including contingencies (financing, inspections, etc.).Home Inspection & Appraisal: Once the offer is accepted, hire an inspector to ensure the home’s condition and the lender will order an appraisal to verify the property’s value.Secure Financing: Finalize your mortgage by submitting required documents and ensuring the lender clears you for closing.Closing: Sign the final paperwork, pay closing costs, and receive the keys to your new home!

They can also handle all the paperwork and help with any legal stuff you might need to know.One thing that can help you and your tenants in the future is making sure your renters get renter’s insurance.

The loan approval is based on the property’s rental income covering the mortgage—making it easier for investors without traditional income streams to qualify.LLC Protection: Many DSCR lenders allow you to hold the property in an LLC.

Not qualified for any public/non-profit assistance.Am I able to run traffic to this offer legally?

The property owners IN MASS burnt down their properties, which, since they did not file insurance claims was actually the only LEGAL way to free themselves of the continuing negative cash flow of these buildings.  

Will this optimize your tax position or legal position?

That's how it's done.....If a Contractor loses their License, Insurance or Bond, they can't legally work and they all know it.