Therefore I need to close the deal, then own the business for 90 days to secure long term financing.The home is currently cashflowing ~$10k/mo. 

Thanks for your response.If current owner has no security deposits in escrow am I allowed to require deposits or renters insurance upon closing the sale?

I wrote in the final Move Out Condition Report all the same areas, and at the end stated “$550 is deducted from $XXXX security deposit for cleaning of the living room/dining, bathroom, 2 bedrooms, and garage.

Also how do you suggest us new comers who are in this to create financial security and may not have 650$ to have a lawyer do the assignment paper work done go about getting this done?

You will receive the security deposit in Checking but then transfer it to Savings.

However if you are risk averse recasting the loan is a safe, secure option.

One key insight is that conventional mortgage bonds (mortgage-backed securities, or MBS) made up of government-sponsored enterprise (GSE)-backed mortgages are benchmarked with the United States 10-year Treasury bond, while MBS made up of non-QM mortgage loans (including the all-important ones for real estate investors, DSCR loans) are benchmarked with the United States five-year Treasury bond.

Repairs and maintenance- do an assessment of the property repairs needed and security systems. 

I’m currently in the process of securing capital for my first flip and learning as much as I can.

post.Setup:Read my Parking post.Security:Read my Security post.