Borrower Types: The Professional - HM Lender will cut sweet-heart deals to keep these borrowers around Experienced real estate investors Regularly engage in property transactions Typically have a track record of successful projects The Newbie - Charge Higher everything as the risk is higher as no experience Novice investors or first-time borrowers Limited experience in real estate Seeking to build their investment portfolio The Deadbeat - Only lend if the deal is so SWEET, they can't lose if they take the property from the Borrower Borrowers with poor credit history or financial difficulties High-risk borrowers May struggle to secure traditional financingThe lender will do an application on the deal/borrower and some standard docs they require are:Hard Money Application / ExperiencePurchase contractARV report – COMPS – See * Redfin*Pictures of Property – most people use Dropbox to shareProof of Funds – Down / Reserves (Bank Statements)Personal identification (ID or passport)But usually if the deal is sweet enough, they will do it anyway because if the deal goes south, there is so much equity/value in the property that the HM lender can't lose.

I've regularly attended the auction in Brooklyn, but never bidded on anything.

Funny enough, the house I made an offer on before the one I closed on I did go through multiple inspections: electrical, plumbing, and regular inspection and I ended up walking away from that one.

It just runs and runs with regular cleaning with cleaning descaler tablets 2x a year.

@Jorge Liang I have regular exterior pest control at several of my properties.

This seems like a lot of work to save 15% of $35k in taxes (Less than $5k.) especially if you have transfer taxes or title insurance, or you convert your long term 15% rate in to your son’s regular income tax bracket.I hate paying taxes as much as the next guy but this lemon isn’t worth squeezing.

Regular home purchase or sale?

I started investing in 2019, got my license in 2021 and was initially with a residential broker that was primarily focused on retail transactions (aka sales, purchases, leases, for regular end user folks). 

A Mastermind Group by my definition is a small, regular meeting of peers and is free!

I would look for a custodian who does not charge a fee based on your assets.I normally see the costs being A one time set-up fee along with an annual reoccuring fee.The thing you want when opening up an SDIRA is that the return that you will make with alternative investments will be greater than the fee that is charged to you for the SDIRA plus the return you would have likely gotten with a regular IRA.