HM lending is a wonderful tool to be used under the right circumstances 

Residential property is more about control due to circumstances, personal preferences, cash flow, equity build up and debt pay down...holding for term and exiting with cash...Why are you investing and what do you hope to accomplish with this project? 

Regardless of circumstances it just couldn’t be avoided, I had to address it.

She called me because the picture window in her living room spontaneously exploded and the owner (also the failed flipper) blamed her, well come to find out this genius cut a big hole in a load bearing exterior wall for this window but had neglected to put a header in so when a big heavy snow came, the pressure was too much for the window and it followed the path of least resistance. this happened 2 consecutive winters. a home inspector would not have caught that because it is hidden behind sheetrock but if the work had been permitted, it never would fly. my point is that an inspector can only inspect what they can see and that many flippers either have no clue what they are doing, are trying to cut corners, or don't care. there ARE some good and responsible flippers but when I know a house has been flipped, I am always suspicious.

There isn't even a thought or decision here... had they come to you with a heart tugging humanizing story at least there is a chance you might consider especially if you feel the circumstances extraordinary, or be upfront and honest about whatever hardship they are facing and perhaps you have a solution that works for everyone - but a threat? 

Hello to everyone on BP. I bought my first investment home in March 30th. A tenant and property management were already in place at time of purchase. A few weeks after purchase I did fly out to Detroit to meet with th...

I am not a lawyer...repeat I am not a lawyer, but depending on the circumstances and your relationship to your partner(s) you may be able to simply collect funds without forming a syndication.

Kind of like the same circumstance in the book, so I did the same thing and said we'd split it 50/50, honestly if he wanted more I'd do it.

Consider this a $100 lesson and move on.Don't ever start an application until you have the money, a complete application (no blanks), and all supporting documentation (proof of income, picture ID, etc.)If you have more than one person applying together (husband/wife, friends, etc.) then you don't start ANY of the applications until ALL applicants have provided you with everything.You should also have a statement that application fees are non-refundable under any circumstance.

That's usually at least 30 days before the next time rent is due, but can be longer under some circumstances.