We have a ongoing list of each along with their fees and what state they are licensed to collect debt in.

This agreement with your general contractor acts as a roadmap, with clear expectations and protection for all parties involved.One frequent mistake is the failure to include sufficient detail or being too vague.

The benefits to the seller including dumping a money pit that no one can get financing on, dumping a property that has a nasty lien or judgment against it, selling for more than the property is worth, dumping a property that is contested in probate, things like that.

OR refi one at 70% and get the 45k loan leaving some debt on the line of credit but keeping home 3 free and clear and adding a lot of value to it as well as getting some really good rental income from it.

General Partner is elderly fatherb.  12 Limited partners - all children , spouses not included - cheaper by the dozenc.

Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

In some areas certain provisions MUST be included in a lease.  

Include an exit strategy, tax planning, and insurance to protect both parties.

typically (as you probably know) you buy something distressed, with either cash or hard money, you fix it up, and then you refinance into long term debt. 

The main factor is will rents cover the debt liability and can you sustain 3-4 months of no income to cover the debt?