It's also a bummer to be a creditor to someone who's over leveraged and putting investments on credit cards even if they are interest free for 21 months.I wonder what your reserves are like, both for your investments and for your ability to withstand a loss of a job or income.

Do you think this will impact my ability to rent the property?

You deduct what you can from the deposit and charge them for the remainder.If it takes longer and the deposit won't cover the losses, send a bill to your departing tenant and give them 30 days to pay.

Many BP members rely on myself and a number of others to use our knowledge, experience and analytical ability and provide our analysis of the programs being offered on this site.  

To Mike's point, it can also harm your ability to move on with a new partner who probably will not be thrilled to learn that you're still financially involved with your ex... 

Thanks for any help’ Yes we're licensed there and FHA guides in one state apply to all states unless a state has a specific law that supercedes the FHA lending guideline.FHA is always 3.5% down minimum (in some cases less because you're using a DPA or down payment assistance program or 2nd lender to put down over all a lower down payment than 3.5%, Aka for instance 3.5% DPA + 96.5% FHA = 100% financing but just dont kid yourself this is fully 100% leverage and to be used with caution and carefully).In the case of 2-4 unit FHA is still 3.5% down payment @Matthew Kwan @Carlos ValenciaThere are rules regarding FHA such as:- primary residence - you must occupy one of the 2-4 unit property as your primary over 50% of the year and the underwriter needs to believe you will remain and have the ability to live in there, any deviation from this and you'll get a whole laundry list of conditions asking you to prove why you should be believed to be living or will live there (if this arises dont be surprised, it just means the UW doesnt believe you).- SS rule - self sufficiency rule - gross rents of all potential units 2-4  X gross rents at 75% needs to meet 1:1 or 100% of the monthly PITIA payment or greater.

The DSCR is a financial metric that measures a property's ability to generate enough income to cover its debt obligations.

Most in BP, from many responses I see do not have to ability to navigate this.

However, managing multiple LLCs can mean higher costs and administrative work (separate bank accounts, annual filings, etc.).It depends on your risk tolerance and ability to stay organized.

To be fair, they did say that I would always see a bill from the electric company, but it was not explained.)5.