Would a formal intent to purchase letter with intent included suffice?

The banks want to know if your NOI is going to be sufficent to cover your debt service, with about a 20% cushion for error.

If you like the "better tenants" and "less management" approach, a simple lease option should suffice.

It seems to me that it will more than suffice for my needs.

If you're NOT living on-base, only 3-5% down should suffice, meaning you may be able to purchase two properties for a total of 3. 4- Sell the LO property after two years, and use the proceeds to purchase another two investment properties.

That will cause your insurance premiums to be much higher as well.If you were to lock this up at $1.4-$1.5M, you would have an incredibly hard time finding a buyer willing to pay that much + assignment fee.As far as a contingency, you obviously don't need a financing one, but a simple inspection period would suffice to allow you an out.

Suffice to say that depending on how many agreements I was considering - especially the type (buy-and-hold vs fix-and-flip) - I would look into the Series LLC.

If Airbnb doesn't suffice we can always rent it.

Is there any legal documents I should have them sign if they approve of my tenants or would just an email with approval suffice?

Re: blue - suffice it to say it didn’t end up the way I originally envisioned.