Hi folks, this has been all over the news and social media so I hope it's not a surprise to anyone but I just wanted to cover all the bases.Due to legislation spearheaded by the RI attorney general earlier this year, there is a new RI rental registry in place that requires all rental unit owners (even short term rentals) to register every rental property and rental unit in the state of RI, by October 1, 2024.The website is www.rentalregistry.ri.gov and you will also need to upload a current lead certificate ("Certificate of Lead Conformance") for each rental unit.The demand is so high that lead inspectors are currently booked out into November and December, so I hope you already have lead paint certs for all your units.

We provided the capital needed to purchase the property and cover the $105,000 in renovations.

Then you have price improvements of .110 and .050 for total of 4.965% in LLPAs.This means that the rate has to pay enough to cover the LLPAs plus whatever the lender is trying to make.In case like this, where the LLPA hits exceed what the rate pays, that difference is charged to the consumer.

It just sorta pulled me away from what I was best at, especially when I was clocking in at my engineering gig trying to progress my career.A bunch of folks on these forums cover the whole spectrum, from newbies to 1m net worth plus investors.

But if buyer has that much money to cover gap in any appraisal vs purchase price, wouldn't they be more likely to just pay their own buyer broker fee? 

However, it is only $595 per deal and it is covered by the E&O insurance.- They do NOT issue Form 1099 MISC.  

This was a 3bed 1bath that needed everything besides a roof.

It becomes a calculus exercise. the extra thousand raises seller costs, but should cover the extra costs at the margin in most instances. 

But yes, a HELOC could certainly be used for purchasing investment properties, just ensure you have the cash flow to cover the loans. 

To address potential future problems, wouldn't a homeowner's policy and/or home protection plan cover any occurrences?