Saugatuck city has just instituted a cap on STR yet it is in the infancy stage. 

If the insurance company sends me a two party check can I accept the excess funds without penalty?

I know as the Lender, I always have the option to modify things but the NoD helps set the stage if the borrower doesn't act or respond in a way I feel is beneficial to getting the project across the finish line and me my capital back.     

I too am in the process, granted the beginning stages of leaving my W2 job, to pursue real estate and just got licensed this year. keep up the great work!

.: @Clinton BoltonI'm a beginning investor (3 properties) and reached that analysis paralysis stage of where should I buy and what (turnkey or a property that needs work). 

We financed this deal using a conventional loan, and taking portions of my 401K out to make the down payment and stage the house for STR and MTR.

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

Of course they still need to meet the other criteria, but I do think 5x is excessive. 

You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds.

As a dedicated and hell of an agent, I find this approach is weighing me down with excessive work.Even as an investor, I struggle to understand their strategy which wasn't disclosed until after the fact (signed rep agreement) three weeks in.