What he is a party to is his contract with the seller, which depending on exactly what is included, can find the buyer liable to the seller for an action in relations to the existing note.  

This is related to lending laws/regulations created by the Dodd-Frank Act in 2010.

As a result of being federally charged with these crimes, you may face monetary fines, penalties, prison time and other consequences of Equity Skimming.Equity Skimming and related penalties of sentencing are detailed in 12 United States Code USC Section 1715Z-19.

What does that word actually mean to you in relation to your investing goals? 

I'm totally happy with what I glean from these BP boards.Somewhat related, I actually was on the board of directors for a group that wanted to charge a membership fee.

Covering this with my salary is relatively comfortable.  

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Areas that saw population bumps during the pandemic could see milder but significant demographic shifts, as will almost any area where effected residents have family, relatives or property available for immediate longterm occupancy.

If I was not starting from scratch, like I did myself, I would buy SFHs because I prefer their long-term flexibility, relative scarcity, and multiple exit strategies to MFH.

As far as their relation with the PM goes, the PM is the agent they used when buying the said rental, agent is local to Indianapolis, as for any form of PM agreement I do not know, it may be verbal, or they have a written agreement.Thanks in advance.