Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

I do a lot of private lending and we do make some passive interest, but the good fixing flippers make the bulk of the money.

The buyer may pay off the remaining balance at any time without penalty.2.Late Payment Penalty: A late payment fee of 5% of the overdue amount will apply if payments are more than 10 days late.3.Loan Security: The property will serve as collateral for the seller-financed loan.Hey @C.S.

Another great option is the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat), where you buy a fixer-upper, renovate it, rent it out, and refinance to pull your cash back for the next deal, and this is a good route because most private lenders can go higher LTV than on a rental loan! 

If you own the balcony (check CCRs, I have a unit where I don't own my private balcony) then it is all part of the unit.As an owner, you're on the hook for the actions of your tenant.

Your goal is to secure this payment at the 18th month mark, by either selling the note to an private investor who's interested in a guaranteed 5% or you're going to refinance and pay the note off completely. 

How could I best secure financing for the renos to get each unit up and income producing?

We were not able to recover any yard damages due to other damages they had left that needed repair, which empted out their security deposit.

While these loans make it easier to buy a property, they come with challenges:- **PMI Can Be Costly:** With less than 20% down, you’ll likely pay $150-$300/month in private mortgage insurance.- **Interest Rates Can Affect Refinancing Plans:** If rates increase, refinancing to remove PMI or lower payments may not be an option.- **Scaling Can Be Tricky:** FHA loans are typically for primary residences, meaning you’ll need to strategize if you plan to purchase additional properties.Thinking through financing options and backup plans before you buy is essential.### 5.

I would talk to a number of residential, private, and commercial lenders.