While the are living there, they are going to be going through the property with a fine tooth comb to see if there needs to be any repairs done so once I get a normal renter in there, the repairs should be at a minimum.

I have yet to see or hear anyone getting a fine, but then again virtually all the properties in the LLC I manage were built post 1978, so LBP is not on my mind.

That is only a fine....not grounds to repaint.

Close phyically with cash via t-funding OR use the end buyers fund and "make them the bank"...Meaning... use a short-form deed of trust assignment of rent and at closing turn the cash-offer into a finance offer. 3 - ADD a buyer and quit claim your name off... you better do this early on in the game...4 - Buy it in a trust... and sell the beneficial interest... it is MUCH cleaner and you don't need transactional funding to eat into your profit. good luck.

SUBJECT: Property Flipping Prohibition Amendment On June 7, 2006, HUD published a final rule in the Federal Register amending regulations at 24 CFR 203.37a prohibiting property flipping in HUD's single-family mortgage insurance programs by providing additional exceptions to the time restrictions on sales.

.-- Stricter enforcement of existing codes -- as in five boards piled in a yard can constitute 'construction debris' and result in a fine...-- A majority view that all landlords are evil and greedy...And I could go on!

I am going through the new GFE, and there are a few new fees that popped up that I am questioning... not being a finance guy, I don't know the specific ins and outs of exactly how negotiable these fees are, but from what I've read, there may be some "pork" here.

I feel that different life experiences made us come to the same conclusion on this subject.I also agree with you to an extent, but gentrification is a fine line term.

I put a bid in on a house in mid-December and the bank finally asked for a BPO in Mid-February and I think a loss mitigation analyst has been assigned to this file in late Feb.Today I was given a contract addendum from the servicing company, I assume representing the bank.The addendum is the typicaly one sided bank addendum and my agent is suggesting we do a final inspection of the property before we sign the as-is addendum.My question is when this addendum is given to me, the buyer, does this mean the deal is a done deal with a quick close or can this drag out even longer?

If they don't want to cooperate, work out the best foreclosure deal you can with them.However, make sure you can secure a rental before you make a final decision.