The RMLO can help prepare a Safe Act and Dodd Frank Act compliant loan package in conjunction with the Title Company or closing attorney.

We have to make sure we get an inspection, find out what's wrong with the property, see if it's economically feasible to rehab the property, ensure we are compliant with all local/state rules regarding REO property, register the property if applicable, ensure health and safety issues are addresssed (Toxic DDT Landfill?)

As the public becomes more aware, as attorneys become more aware and regulators start handling complaints.Many of them are the ones swearing up and down they are 100% compliant too.

I will have to re-structure the terms to be Dodd-Frank compliant.  

State that if they do not respond within 7 days per the rule you will file a compliant with the CFPB.  

I worked for a company several years back that we would go in to houses and make them Ada compliant.

Justin:When Thomas asked about legal non-confirming, I do not believe he was implying your house is not compliant with building and fire codes, but was asking if it conformed to local zoning by-laws.We have student housing as well and it has been our experience that most university towns have occupancy by-laws limiting the number of un-related adults in a single dwelling unit (usually to 3 - 5) which are specifically aimed at student rooming houses.  

Be sure you're compliant with all laws, including usury laws.Be sure any work done that needs permits is permitted.Borrowers money goes into deal first.Get monthly payments.Get a full credit application (1003) from borrower. 

The RMLO, as a licensee, then absorbs all the responsibility and liability for ensuring everything is compliant with Texas' implementation of all the applicable legislation.Personally, I would stay away from Lease to Own and look at leasing with a Right of First Refusal clause, if you are intent to offer renters a path toward ownership.  

Do you have any, or all, of the following experience and skills:Blue collarbackhoelicensed home installertransport driverelectricianplumberconcrete workremodelerOfficeresident intake and screeningresident relations/community relations/governmental relationsbookkeepingcollectionsWhite CollarCompliance Management SystemDeveloping and Implementing a Marketing Plan that makes sense for the style and location of the community you buy.Selling homes at a profit and closing the sale.Establishing some legal and compliant manner by which your prospective residents can obtain financing to purchase the homes you are selling.For 4 and 5 star communities with prospective residents who average credit score is above 660 you will need to develop good relationships with outside lenders.For lesser communities or for communities where the marketing is geared to draw residents with credit scores below 660, you will need to develop some form of seller finance.Developing consulting or vendor resources for areas where help is needed.The more you already know, the less outside help you are going to need.