I re-read it about 3 weeks ago and spent time working through the steps as outlined in the book and this time I got really excited about it.

I also have a VA Specialist lender that could outline how it all works.

In other words, you MUST renew the lease of the tenant, except for the rare few instances outlined in the law.   

Yes, your parents can take out a HELOC on their paid-off home to help fund your BRRRR, but it’s smart to have a contract in place to outline repayment terms and protect everyone involved.

It’s crucial to have a detailed discussion with the builder to clearly outline what’s included in the "cost" and what isn’t.

The following steps outline a practical approach to sponsor underwriting:Sourcing of the SponsorIdentify potential sponsors through various channels such as websites, referrals, and industry events (There are about 6,000 Funds and Sponsors in the USA).

Here's the general outline for them:Renovation loan programs can finance the purchase and renovation of a home in one loan.

Some terms you may find helpful:Repayment Schedule: Clearly outline the payment schedule (monthly, quarterly, etc.).Balloon Payment: If applicable, specify the amount and due date of any balloon payment.Prepayment Penalty: State if there’s a penalty for paying off the loan early.Default Terms: Clearly define what constitutes a default and the consequences, such as foreclosure procedures.Insurance Requirements: Ensure the buyer maintains property insurance.Maintenance Responsibilities: Clarify that the buyer is responsible for property maintenance and repairs.I hope this helps you out, have a great day!

Legal Issues: Disputes between buyers and sellers can arise, leading to potential legal complications.Important Considerations: Contract Terms: It's crucial to have a well-drafted land contract that clearly outlines the rights and obligations of both parties.

You should have a separate partnership agreement to outline rights and responsibilities.