And always get everything in writing so there are no surprises later.

At 18 right after High School I started as a real estate agent, and with the right guidance, a year later I bought my first property.

With cash out refis, there is no market input on value.The time period since acquisition is also an issue.If I understand the numbers - $30K plus $440K loan plus $80K assignment fee - total “purchase” price is $550,000.I would assume lender is asking how is current value one year later $725,000 when you effectively paid $550,000 a year ago?

Or, hopefully having learned some good info from them, buy on your own and thank them here later.

Please don't do what many do, which is trying to avoid losing money by selling now only to have a bigger loss later.

I've had some family friends invest there to use later in life as a retirement spot.

Do you want to keep the property to return to later?  

Any company insuring your properties without an inspection most likely has a clause buried deep in their policy allowing them to deny claims for conditions found on the property that do not meet their UW standards and they will deny you claim based on "the house should have not been insured with them anyway".Although the inspections can be annoying look at it from the other side.You pay them 1000 to 3000 a year to insure a rental property where they agree to pay out possibly hundreds of thousands of dollars if it burns down or up to 1 million if a tenant slips on a bananna peel and falls down the steps or the tenants dog bites someone and since you didn't enforce the tenant having their own renters policy to cover the dog bite the landlord's policy is paying out.The insurance company is very much like your rich uncle backing your business venture - you run the business, he takes on the financial risk from disasters, and doesn't even get a say in who lives in the property.Your rich uncle asking you to fix the steps, put up a handrail, etc which is in your and his best interest long term.Do you really want to rent out a property with a busted front step and a bad roof that is going to leak sooner than later?

He started to ask us about our financials and when he had asked us are we willing to invest money he made it seem like he wanted to do it at a later date.

@Thuong Gist if you are JV'ing with another person using Fannie Mae and Freddie Mac loans can create some issues later on.