I tagged 4 other BP members I knew and layed out the mission and that was to buy renovate to retail standards a home in the mid west ..

I’d like to have someone review the property and help identify specific areas that may need to be brought up to standard before I proceed with landlord registration for the program.Additionally, I’d welcome any advice, suggestions, or insights from those with experience in this process.

Once you leave the standard terms, everything becomes negotiable and depends on the lender’s appetite and flexibility.  

This outlines things like guest/ overnight guest policy, cleanliness standards, roomie/tenant vs roomie/ landlord responsibilities...

I would not put Luxe in any STR, even a higher end one as I feel the standard is comfortable and nice. 

The standard rate is 3% of a loan, a good broker will never exceed their origination costs of more than 3%.Additionally, a competent broker goes beyond merely securing financing.

Borrower Types: The Professional - HM Lender will cut sweet-heart deals to keep these borrowers around Experienced real estate investors Regularly engage in property transactions Typically have a track record of successful projects The Newbie - Charge Higher everything as the risk is higher as no experience Novice investors or first-time borrowers Limited experience in real estate Seeking to build their investment portfolio The Deadbeat - Only lend if the deal is so SWEET, they can't lose if they take the property from the Borrower Borrowers with poor credit history or financial difficulties High-risk borrowers May struggle to secure traditional financingThe lender will do an application on the deal/borrower and some standard docs they require are:Hard Money Application / ExperiencePurchase contractARV report – COMPS – See * Redfin*Pictures of Property – most people use Dropbox to shareProof of Funds – Down / Reserves (Bank Statements)Personal identification (ID or passport)But usually if the deal is sweet enough, they will do it anyway because if the deal goes south, there is so much equity/value in the property that the HM lender can't lose.

Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Firstly I can mold the team to operate to my standards vs. the way the PM wants.

There are sophisticated syndication investors contributing on BP, who have set up professional standards of due diligence and investment criteria.