Hello Everyone,Just went through a lengthy process of evicting a troublesome tenant on our property.

Hello Everyone,Just went through a lengthy process of evicting a troublesome tenant on our property.

It can be a lengthy process getting a name change after approval, and the 'wholesale fee' will probably be under-the-table since it can't be on the Closing Statement. 

Getting a conservatorship can be a lengthy and expensive process, and though I have a good relationship with the seller (having become well acquainted through many phone conversations and through doing little things like cleaning off old photos I found at the trashed property and mailing them to her), she has been slow to get the ball rolling on her end.

This has been a lengthy process and while the goal is to close on the property, we cannot do it at the price that has been accepted by the bank.  

The timeline will be lengthy (approx 7-8 months) as there is currently a tenant.

Brian Eastman had mentioned that all investments must be at arms length, I am going to see if I create an LLC, I'd be able to invest in that entity and if so, what the restrictions will be. 

Going the active route will not only take up a lot more of your time just to find and manage properties, but there will also be a (likely lengthy depending on your current level of expertise) learning curve required to get you to the same level of expertise as Sponsor/Operators you can invest with to minimize risk/maximize returns.

Would anyone like to share his/her experience with lengthy leasing contracts.

@David Pierce thanks for the information and lengthy write up.