You start with a purchase and sale agreement and reduce everything to writing.

Data point: we have a long-term rental in a popular STR neighborhood listed through Zillow right now.Every person who writes asking to do some sort of arbitrage is blocked by the Zillow platform.I don't even have to say "no thank you anymore."  

With a teaching and leadership backgroud, I have an interest to help others write their programs or review their presentations to address every learning style.

Quote from @Fernando Corona: @Erik Estrada I actually wrote a blog on the topic and will continue to write about it.

On the other hand, if you write something into the lease that you agree upon, it should be fine, but that may turn off many prospects IMO.

Ideally, you want something in writing, but that is probably unlikely since no one will want to stand behind a not-yet-final number.

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

You must give him this letter in writing, or certified mail, or tape the letter on his door.  2.

I won't just write them all here but I highly recommend contacting a qualified 1031 intermediary to walk you through the process.

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?