You also need to enforce your HOA rules, and if the renter is violating them, it's up the owner to make him comply, or face the fines and consequences.

If you are talking about financing for an owner occupant no private investor in his right mind would provide financing - he'd either have to accept a very low interest rate or comply with both the SAFE act and the CFPB rules and regs for "high cost mortgages" as well as potential devastating penalties for non compliance without ever knowing if he is in compliance.

So much for thinking all you must do is meet them there.This came up years ago in a suit in Mo. and the Agent called must comply.

Of course you are still limited to the number of deals allowed and doing this time and again would then constitute that "any method or scheme" issue.The only way to avoid these Acts is to qualify for the allowed exemptions, but if you're in the business of RE, expect anything you do to be exempt to be examined as any ploy as a business and not strictly a personal transaction.Folks would have less brain damage just complying with the law instead of trying to out smart regulators.This is the way things work in reality.

(A)provided under any State or Federal program that the Secretary determines is specifically designed and operated to assist elderly persons (as defined in the State or Federal program); or (B)intended for, and solely occupied by, persons 62 years of age or older; or (C) intended and operated for occupancy by persons 55 years of age or older, and-- (i) at least 80 percent of the occupied units are occupied by at least one person who is 55 years of age or older; (ii) the housing facility or community publishes and adheres to policies and procedures that demonstrate the intent required under this subparagraph; and (iii) the housing facility or community complies with rules issued by the Secretary for verification of occupancy, which shall-- (I) provide for verification by reliable surveys and affidavits; and (II) include examples of the types of policies and procedures relevant to a determination of compliance with the requirement of clause (ii).

HOUSE RULES: Tenant shall comply with all house rules as stated on separate addendum, but which are deemed part of this rental agreement, and a violation of any of the houserules is to be considered a breach of this agreement.

When I looked it up I found that a bond, applied to different circumstances, was a promise to comply of sorts, and that it may or may not be refundable.I am going to contact the Village to clarify, but has anyone heard of this?

On the other hand, as an experienced flipper and estimator, he also reaps the bulk of the profits.In addition, my deals are legally structured to avoid certain issues that come up often with flippers and funding - that of requiring a loan originator and loan broker license in order to properly comply with federal law (even on personal deals like these).Contact me privately, if you wish.

i guess the pros is you have access to the MLS and pretty much can pull comps by yourself. the cons would be you have a lot more on code of ethic, regulation, and law to comply vs. no license

It teaches you how to be an agent and to comply with the laws and rules of agency.There have been no law changes in the last six months, so the conversation I had with the state is still relevant.