I sat down with the owner of the property, and he gave me a survey that he had conducted on the property.

Once the unit has passed inspection then a survey is conducted to ensure you are requesting reasonable rent.

:)& $785 for closing (I'm assuming that was for the purchase price) all in is just not possible. you have (on the sell) attorney costs, survey costs, title insurance, county/state/local taxes, etc. and, at that price range, I can pretty much guarantee the buyer will ask for a closing cost credit (1-3% of the purchase price).that's another reason you should try to set a new comp...to make up for the closing cost credit.

So, for example, where I am, I would get a credit for 6 months of property taxes at whatever the current rate is, and that comes off of my total funds due.Closing costs are going to be your finance costs (if any), title work, deed registration, surveying, legal fees, etc.  

(I recently had a buyer back out because they found out that sheds were not allowed per HOA CCR's)If you reserved the right to have a survey conducted, you may be able to terminate the contract if something shows up on the survey that is not acceptable to the buyer (a drainage or utility easement that was unknown, a fence that is over the property line, etc.)Deals can fall apart over financing, as well.

The local partner takes care of contractors, ensuring rehabs stay on plan, surveying of properties, keeping records, etc... - The distance partner takes care of speaking with sellers/buyers, finding tenets, screening tenets, creation of leases & other contracts, finding financing, etc....

If you do it long enough, without the owner noticing or complaining, you can eventually make a claim that it's now your property.This is one of the reasons why you always have to do survey and title searches when buying property.

thanks for the reply, the property is two seperate buildings.The flood ins will be able to be exempt after survey and proper forms filed, properties around these went though the process to be removed from FEMA Zone.

Also if you think the property is located high enough, you can get an elevation survey done to try to get the house exempted from flood insurance.

Some of the conditions they want me to waive are: Phase 1 & 2 environmental study, they cant provide me with current tenant leases, can't provide building plans, surveys, fire certificate, previous building expenses.