You remain liable to the note holder.2.

When a tenant leaves, you document that they are gone, who remains, everyone's rights and responsibilities, how the lease will proceed, etc.

ThanksSuhaib I'd suggest finding a broker, they have alot of knowledge and have your best interests as a goal, insurance agents have their employers best interests as a goal.Insurance in CA will continue to increase, its lagging in inflation and all the fires are affecting it.Many homeowners are moving to self insured.The fair plan is asking for 1 billion in subsidies, purported to be funded by the carriers themselves, I have no doubt Ricardo Lara will make this happen.

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

On your tax return you would report the proceeds, subtract costs and proceeds paid to seller, then the remaining profit would be your flat fee.

Your interest rate, on a fixed rate loan, should remain unchanged and your mortgage should not be called due.However you should still confirm that this is the case with your lender (and read your mortgage commitment) out of an abundance of caution and because some loans and programs do require a longer seasoning period.

The owner may reside in either the remaining portion of the structure or the newly created junior accessory dwelling unit.

If one tenant moves out, the property remains cash-flow positive. 

I think arbitrage is a great way to do STR with the high interest rates / inflated housing prices we are experiencing now.

I usually do not work with New Western; I have found the PP is too high and the ARV's are always inflated.