If there is a due on sale clause in the loan doc then it doesn’t matter what the loan officer told you verbally.I’m not an attorney, but from my understanding of the loan is still in your name personally a good litigator can pierce the veil and your LLC protection wouldn’t amount to much.

It will still be reported on your personal tax return.

More like one person on the HOA is opposed.  

Additionally, if your goal is to maximize personal financial benefits, consider profit distributions from the property-owning LLC, which may provide tax flexibility depending on your situation.By adhering to FMV, maintaining proper documentation, and structuring the lease agreement carefully, you can optimize tax benefits while staying compliant.This post does not create a CPA-Client relationship.

Reserves: Do you have enough cash reserves to handle unexpected costs or delays in refinancing?

This means, on average, that this person is facing foreclosure or bankruptcy, and has no other reasonable options.

Personally, if the property is in a bad area, this will give you headaches no matter what.

Personally, I find BTRs to be more predictable with fewer ongoing maintenance issues, and they tend to attract high-quality tenants.

Some regional cities that I personally would consider are Savannah, Beaufort, Wilmington, Columbia, Greenville, and Charlotte.

Personal Financial Statement Borrower’s Schedule of Real Estate – or- Resume illustrating experience2-3yrs Personal & Property Tax Returns – All schedulesPrevious Year and YTD Property Profit & Loss statement w/ detailed expensesRent Roll w/ detailed lease informationCopies of all Leases3mo.