However, our experience has been that local jurisdictions frequently layer their own requirements atop of the national code - and have worked in places where the local code requirements required second doorways in dwelling units not protected by sprinkler systems (we are working on one such project now).Hence my suggestion to verify local code (for Baltimore in the OPs instance).

Very glad this one worked out for you.You numbers also help me verify something I have been tossing around in my head, you being a broker/agent certainly sweetened this deal up for you - if you would have had to give up 3% on the acquisition and sale side, the margins would have been much tighter, and perhaps you may not have even pursued?  

Her edge for me to consider her over others is that she can offer higher and stable rent, but I need to verify if her higher rent is including utilities ASAP; she asked me to increase my asking rent to what she’s allowed from section 8 if I can provide her a cooking stove, and to install central air which I’m considering anyway.And what should I tell my other turned down qualifying applicant without any discriminating element that I might not be aware of if they ask for the specific reason after I’d told them that I’d already chosen a financially better qualifying tenant over them?

They say that My income is too low .I.m a contractor and I can't verify all of my incomeI'm looking at under valued fixer uppers under 250K

Not many people would deliberately sabotage their good credit for some quick cash ( except for the substance abusers and identity thieves).

Hi, all.

I'm Frank. I'm in SE Pennsylvania. Forgive me if this is an obnoxiously long post. I don't want to be one of those "I decided I want to do REI so tell me everything you know" newbies, so I want to lay at ...

The reason you need to start right away, is since it is a rehab, you will have to show documents and expenditures to verify the rehab.

The biggest issue the 2 of you will be challenged with is how may properties you own which are financed. 10 financed properties is the limit for full doc loans and 5 for stated income verified asset loans.Cash Out refinances under conforming guidelines are nothing special.

As Mike said, although this deal on the estimations is entirley bad, it certainly is not a good one and after plugging in the actual numbers (what can be verified and not estimated), you may find it to be a poor one.

Tough to tell if its too low...If you're nearing a quarter, say end of June, they may close aggressively.Also about the contingencies, how did you verify the structural soundness, underground sewage and wirings, etc?