Sounds about right in the acquisition phase.

Hoods dont phase me, I own a duplex down the street where a gentleman gunned down a teenage mom-cashier with an AK47 some years back in Elyria, and I use to live in low income neighborhoods when I used to be bailbondsman.I like the cashflow, I wrestle with the exit strategy 5-25 years from now, will they be worthless?

Not looking at any major maintenance issues coming up, but I am in beginning phases of the deal and haven't completed a thorough due diligence yet. waiting on my loan approval from the bank before I do a hardcore inspection(have a credit issue where exwife supposed to pay something and didn't and they wont remove my name).

The research phase never stops!

I currently have loans at 3 financial institutions and one of them has become a PITA so I am phasing it out.

If you are a "hands-off" buy and hold investor (i.e. use a PM for the day to day running of your properties) then you will spend a lot of time during the acquisition phase and not that much time once your property is rented and running smoothly.

The financial institution that I'm dealing with didn't bring this up during the pre-approval phase and it only came out when it went to underwriting.

So....I've setup an LLC, still in the phase to get an EIN and start looking at several Counties in Florida (Lee, Orange County, Miami Dade).

Our first purchase is in the contract phase.

It is very possible to pay more in fees yet have a lower APR.I suggest you never pay a broker fee up front, you do need to pay certain third party fees up front, like appraisal, credit reports in residential and those along with engineering or inspection fees in commercial, but fees should be collected and disbursed as need over the course of the loan process as you step through the qualification phases. :)