In order to prepare for disclosure deadlines and detect potential deal roadblocks, the seller may carry out "reverse diligence" on the buyer.Finally, it's crucial to comprehend the motivation behind the trade.

we just bought an underpriced piece of land that was unentitled and had high upside in Franklinton in Columbus Ohio. a non profit owned a plot 4x the size an Called us only after our project was announced and asked If we'd buy their site. we gave them 4 different ways they could work with us and their realtor wasn't experienced enough and neither was their director of finance. the bought it to put a food pantry and couldn't because they can't develop. it's a mistake on their part to purchase land like this. their funds should have been used for other reasons.

But HOA are a whole other universeAnytime people buy properties for STR they really need to have a plan B and C for changes in the market and law... the STR is subject to a lot of changes, so you need to be prepared

Not recording doesn't make it not legit but, you'll need to record to protect yourself.Once you do record, be prepared for the due on sale clause if there is a lien on it.

There's a lot of preparation, a ton of patience and when it's time to strike, very little room for error and a lot of action all at once! 

Be prepared to document where that cash came from - in your case, that's easy, your HELOC.Would be happy to help you with that sort of transaction if you want to reach out - I find a lot loan officers are unfamiliar that this option even exists. 

Good on you for being prepared in advance!  

And no, I have not spent much time on preparing or marketing, it was simply about paying it forward to newer investors in my city, however it provided some interesting insights. 

You could rent it to a food truck to use 1x a week for $100 a day or $400 a month2.

Licensable vacation rentals are obviously in high demand and offers can become quite competitive, I don't have any formal statistics but I'd say a quality active or eligible vacation rental sells at least twice as fast as a non STR property, the majority within days..My best advice to investors shopping for a hot or high demand asset class is:- Prepare & Practice: Get your ducks (GO UO!)