Skiing, Museums, Theatre, Downtown dining/bars/clubs, Zoo Lights . . . there's a TON to do.

I would still run your Tenant Buyer through a RMLO and see how they stand about the ATR rule.The final rule contains the following key elements:Ability-to-Repay Determinations.

Just look up on Google an ATR ( authorization to release) letter.You then put everyone on the ATR for multiple lines.For example if there is a first and a second mortgage, sellers attorney, etc. you put them all on there with information and have the seller sign and date it.

Be cautious with sandwich lease options Vanessa, Bill Gulley and I have been talking on this subject for a long time.If you are dealing with free and clear houses, taking title via a private 1st mortgage - installment sale and renting or lease option is smarter than a sandwich.Also on the selling on lease option side, watch out for rent credits, in other words do not do them, consider a ROFR, or right of first refusal, as Dodd Frank, SAFE Act, etc. has come into play.Use a RMLO or Reg Mortg Loan Orginator with your buyers as per the ATR (Ability to Repay Rule) will bite you later if the buyer gets an attorney on a seller financed deal.

The fact is, the "QM Rule" relates to the "ATR" rule in that, a Mortgagee who follows ATR has in effect, created a mortgage which "Qualifies [to the new standard]".

If you have an RMLO that understands the ATR, and can sign off on your originations, you're fine.

Golf, snow ski, read (non-fiction mostly) enjoy movies, volunteer at our local community theatre-set building and occassionally acting.I used to sell industrial supplies; fasteners, tools, electrical and hydraulic supplies.Click below to see a scene from a recent play I was in.all cash

I ended up passing on this one, mainly because an earlier opportunity has sprung back to life (commercial 18 apartments, 9 stores, 1 theatre).

Take a look at "The Beacon" already built plus there's new projects already going up by the Historic Lyric Theatre. 

NO MATTER WHAT, get the tenants in question to fill out a 1003 app and have them see a RMLO to give a written opinion of the ATR rule for your tenants.See my collection of Dood Frank - CFPB resources http://bundlr.com/b/dodd-frank-safe-act-respa-tila