It’s also important to remember that allowing partial payments without a plan can set a bad precedent, so it’s best to handle this firmly but professionally.For the future, collecting the first month’s rent in full before move-in can help avoid situations like this.

If I were you, I’d consider chatting with a property management firm active in that area...SlateHouse Group’s name comes up in local investor circles now and then...just to get a sense of what rents are really doing on the ground.

(I might call her back to ask her to remind me why this made legal so uncomfortable.)I ended up going with Titan rather than Solera only because when I called another law firm, they said they have a close working relationship with Titan and would recommend them. 

@David DachteraDavid, like Chris I also work in finance - I'm a financial analyst and set rates for a utility company and do financial analysis for a private equity firm.

And you now know this, but never, ever, neglect to have a firm contract and SOW in place again.

My firm goes to 75% on a cash out, as long as all seasoning requirements are met.

Having worked in corporate architecture firm for 13 yrs before opening my own firm, I understand your basis @Jay Hinrichs and it's totally accurate.

My firm has a 3 month seasoning period that will get you up to 140% of your purchase price and rehab costs. 

Duecher got 7 or 9 years.. there is another big case that just opened and the properties are up in Michigan and another Utah firm and I think its a civil rico at this time .. but who knows same thing exactly as this..The sales Manage for Marquis Rick C came into my Oregon office way back in 2012 showing me their model of dealing with 5k houses and so on and so forth I showed him the door and told him you guys will never make it and sure enough.. bad things happen they get in over their head ground partner sucks assets suck tenants suck and investor holding the bag get very upset.

To expand, @Ben Whittington, Dennis Doss and Anthony Geraci’s firms can prepare a customized set of loan docs for you in any state.