As it reads, a pro-rata share is "equal to the Purchase Price of Participation divided by the Outstanding Principal Balance of the Note."

If you are trying to get a cash out refi, I would think the bank would want to see the correct type of insurance for the business you are running.I do not have the mortgage yet, just the purchase agreement.

Does anyone have personal experience with specific scrutiny of a logbook during an audit?

I could purchase it for $60000 and it appraises at $110000 as is.

If the violations took place prior to purchase, I would at least give them written notice that you are aware of the previous violations and that just one under your watch would result in an eviction.in the meantime, I would shop for new insurance and pass the increase on to the tenant.

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

I have 23 properties in Kenosha and earlier this year purchased two duplexes in Racine.

Here is the wholesale rate range at 85% loan to value.  300K purchase price using Jacksonville as the property's city. 

Firstly I apologize that I do not have any market insights data specifically, but Houston has been a rough market as valuations have pulled back.

Im a firm believer in purchasing rentals.