I'd like to approach them with purchasing the building but I'm assume they're not wanting to sell it until after the owner's death due to the step up basis.I have first right of refusal but what type of creative financing can I offer so that we agree upon a sale and price beforehand?

The low budget approach to be taught by experts.Have you read books on flipping?  

All an agent should do for you is list the property to generate showings => to generate applications, that YOU then screen.Now, they may actually be asking you want screening criteria you want them to advertise, which is fine.Can't answer your question though, without knowing if this is a Class A, B, C or D property - as they will all have different criteria.Here's a sample of some of what we use in our Metro Detroit market:Class A Properties:Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Are we approach close over the next month, and in the time after, what are some best practices for us to consider?

DSCR loans don't require personal income verification or a debt-to-income ratio, making them ideal for properties with strong cash flow, even if the current owner has credit issues.Here's how it could work:You could use a DSCR loan to refinance the hard money loan, securing more favorable terms without having to involve the seller's credit.Since the rental income easily covers the property’s debt service, you’ll be in a good position for lender approval, bypassing the conventional mortgage route.This approach could allow the owner to stay in the house, while you take over financing with a less restrictive structure.

Hi everyone, I'm looking for any legal references that can help me answer the following questions and provide guidance as to whether this approach is sound or needs adjustments: -What is the entity structure for managing assets and activities of a short/mid-term rental business? 

Would love to learn more about your verification methods, as it’s always good to hear different approaches

Hurricane Milton Approaching: Hurricane Milton is intensifying and we are all keeping an eye on the news.

Great question and honestly, having a business partner can be both a blessing and a challenge, depending on how you approach it.

There are many REI specialized accountants on this forum who provide bookkeeping and tax services, but all of us have different models of service, different approaches and different prices.