PLRs can only be relied upon by the taxpayers that requested them, so even if we were able to duplicate the exact fact pattern outlined in these PLRs the IRS could still disqualify our transaction. 

The FDCPA form will be filed today for non-payment of rent (which was due the 1st of the month and a late charge of $50 will now be applied as outlined explicitly in the lease since not received by the 5th).

I assume you're getting financing, and I know the lender I work with won't close a property without seeing the leases, a rent roll for 12 months, and a rental property verification form which outlines all the expenses and income related to the property.

In a situation like this, I would expect pages and pages of documentation in the operating agreement outlining how the partnership works.

I include a property diagram as an addendum to the lease which outlines sole-use areas and common use areas.

I'm certainly not an expert at this yet (though there are a lot of people here who are), but as I see it, the general outline of the steps is: 1.

In addition there is a section outlining "Birddogging" and asking for people who would like to try this out.

When I did that and this was the average that came out.Good = 10k Bad = 15k "average rehab cost"Ugly = 30kBeyond 40k the property may be a BER (beyond economical repair or knock down) or need very extensive repairs.Besides, averages are not useful as I outlined above in other responses.

Hi matt, we have done many deals that way Joel has outlined and seems to work just fine for us- although it does depend on what bank it is that holds the REO.

I'm not totally clear on the concept you outlined, so perhaps I'm going off on a different direction, but perhaps she is tossing away deals that show a possibility of going over budget or selling for less than ARV for fear that she won't get paid.