They said it was a lot easier and better to simply create a new LLC to properly match what you are trying to do.  2) So, that is the other route, creating a brand new LLC.The PartnershipThe hardest ship to sail is a partnership, and there is no "fairest way" to do things. 

Outcome: Determine the county where the property is located.3.

Now we're seeing investors pouring money into buying Class C rentals - but, many are getting burned.In our experience & opinion, the main determinant of property Class is not location or even property condition, those are #2 and #3.

This determines instantly if a lender will touch it.Another factor: STR financing is getting harder to come by (at least in the DSCR space). 25% of the industry used to lend on STR's, now it's less than 10%.And it being a condo, expect anywhere from 15-25 bps added to the rate.

For the bathroom renovation, if it is simply restored as repairing the bathroom, expense the $11,000 as a repair for 2023 (this will affect your DTI).

Asking for detailed financials—especially rolling 12 months' data—can really help you determine what’s realistic.Think like a bank.

All long-term income characteristics are determined by the city.

Her brokerage listed the property, and she is taking me out there to do a walk through to determine if I want to take the next step. 

A DSCR product is what you are looking for.DSCR simply doesn't take into account your personal income, instead we qualify the loan on the properties rental income (or projected rental income).Your credit, properties cashflow, loan to value & prepayment penalty are going to be the main determinants on what this loan looks like for you.

or am I simply just going straight to an attorney and telling them the verbal agreement and having them draft up the necessary documents?