I made concessions for him to split the deposit over a couple months period I would respect him to honor that.

Dana is correct, Fannie, Freddie, USDA, FHA and VA will assume to be QM following those respective guidelines.Ratios can still go to 50% with compensating factors and there are exemptions for regulated lenders where the assumption will be made that a mortgage falls in the QM guidelines or they may originate a high risk mortgage with limiting loan conditions.

Therefore if say $675 and $900 are the 'true market prices' for 2/1s and 3/1s respectively, your condo would likely be in the $800-$875 range.My 2 cents.Best of luck.

So, it is a liability UNLESS it produced income in excess of the expenses.I respectfully disagree with the definition.

I'm looking to pickup more buy & hold properties and seems like I have to go west of Worcester, MA to get respectable cash flow (near the 2% rule) or (12+% cash on cash w/ some leverage).

Old guys love a project and usually respect a younger go getter.Sketchy neighborhoods usually have streets that are full of cars.

Earn respect and trust.Good luck to you, and stay the course!

The partnership return would issue a K-1 to each of you reporting your respective half of income.An LLC really would not make a difference if both of you were members of the LLC.Yes, you are subject to Ohio taxes on this income.

Also, by the looks of it she is a very traditional Korean woman, and I need to respect her cultural business practices.

I respect the opinion of those with experience in the field.