You can modify the wording such that she is the primary tenant (ie if they break up, she stays not him). 

When you say joint venture, you mean modifying the lease terms with the tenant after the fact?

@Therese V.That's a new version of MIRR (Modified Internal Rate of Return) to me.IRR (Internal Rate of Return) assumes that all cashflows are reinvested in the business at the rate-of-return.MIRR assumes all positive cash flows are reinvested at the business' cost of capital and all initial outlays are financed at the business' financing costs.  

This is not a rule that the bank can change or modify. 

I’ll be modifying my due diligence process to include checking on previously permitted work.

But after that we decided that our offers would we would only submit our cash offers on deals where we were either going to use our cash or we had an arrangement w/ a private lender that did not require us to modify the contract to financing.  

Are there a few lessons learned I could modify my strategy with? 

HUD is also exempt from any state required disclosuresYou cannot modify a HUD contract in any way so no clauses can be added and/or removedAs an investor, you will lose your earnest money if you fail to close on the property. 

A bank can file a lien once under a future advance loan arrangement and they disburse funds in increments for construction or rehab projects, when completed the note is modified to a long term mortgage or the construction loan can be refinanced without going through the loan process all over again, the new loan simply pays of the old one and you move in.

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