Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

But if the permit takes a while (like the full 3 months), you’d have time to decorate the place exactly how you want.As for the bookings, if the permit gets approved fast, you could take over the current ones for instant income.

I do recommend (after the law is approved and it will most likely will) a talk with a good lawyer to understand exactly what changed and how to frame the business appropriately.Best regards.

I am working on these to see if theres is any way to approve them but I am wondering if my minimum requirements are too high for this area or if I should stick with it.

As a broker, I would not want a licensed agent at my brokerage working outside of the approved state contracts. 

i invest via 50/50 partnerships. i find/coordinate/manage the deal, and my partner brings the capital to the deal & approves large expenses. on their end, it's just about as hands-off as investing in a syndication, but they get to be one of just two main 50/50 decision-makers. and when there are just two parties involved in a deal like this, vs it being diluted across tons of investors, i find it's also possible for the capital partner to see much higher returns. when it comes to teaming up in real estate i'm much more relationship-based and less transactional. i'd rather do fewer very high-quality, carefully selected deals, each with just one capital partner, so that i can really serve that person's best interests and get us amazing results, vs. doing a bunch of diluted deals. i also feel a lot of syndicators out there are newer to the game, lack experience, haven't used their own money enough, and don't use their investors' dollars with enough caution. it gives the high quality syndicators a bad name.

It’s great that you’re pre-approved, but I’m curious why you’re leaning toward traditional lending instead of hard money, especially for a flip?

That is why PreREO requires the defaulted note buyer/partner to file for a court hearing requesting a third party independent receiver to be given court approval to accept rent on behalf of the actual owner of record and divert the funds to you, the note buyer prior to taking title via a completed foreclosure.

Also if you have a single-family house already sometimes loan underwriters don't approve you moving from a single-family to a multifamily.

Hard money loans offer fast approval and don't risk personal assets but come with high-interest rates and fees, which can be tax-deductible as carrying costs.