We are responsible for the mortgage as of January 1 - but it's come to our attention that they stopped paying it back In October 2024.

While they did mention they aren't responsible for utility lines aren't they suppose to stop digging and call the "call before you dig number" if they find a wire. 

Business leaders can’t stop talking about this “pro-business administration” that is coming on January 20th.

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

You may find this a viable option with rates where they are, especially if your rental income continues to cover the mortgage.Home Equity Line of Credit (HELOC): If your property qualifies, you could use a HELOC to access the equity without disturbing the current mortgage.

The borrower gets the benefit of having access to capital fast and the lender gets the benefit of charging a higher interest rate and not having to pay taxes on the profit.

I do want to point out though that Cleveland's population loss has finally stopped.

LYL has stopped working for us and stopped all communication.  

You also get access to conventional financing. 

One of the biggest mistakes I see investors making is they forget to address things like HVAC, siding, etc when they have access to a hard money loan.