As mentioned, one can be added.

If this is the case I will not be adding this property into this LLC.

Anything need to be added/removed?

Here is the list given to me:Specification for mortgage and note: Maintain insurance and provide proof of insurance showing mortgagee as additional insured prior to closing.Late fee of $50 of any payment received after the 10th of the month.Payments due on the first of each month.Any unpaid interest will be added to the principal amount and bear interest at the same rate.Borrower to pay any attorney’s fees or costs of collectionBorrower to provide mortgagee title insurance guaranteeing a valid first mortgageBorrower to pay all closing costs including preparation of note and mortgageBorrower to pay attorney fees and title fees for closing12% Interest only for 3 years paid monthly then balloon payment$1,000 pre-payment penalty if paid off in part or in full within the first 12 months$500 pre-payment penalty if paid off in part or in full within the second 12 monthsPersonal guarantee from the individual involvedInterim interest for the month of closingNo origination feeNo pointsNo appraisal feeNo credit reportNo substitution of collateral without my consent.Interest due through the end of month of pay offMortgagor will have the option to extend the note on a month to month basis subject to consent of mortgageeCollect interim interest for the month of closingFirst payment due June 1, 2018This will be a purchase money mortgage so you will need to close the sale for the buyer and sellerCouple of questions for the experts. #4 does this mean I will owe the total interest of the 3 year loan even if I plan to refinance it at the 6 month mark?

If the pool will be accessible I do plan to require renters insurance and believe I can be added to the policy as a beneficiary.Thanks for your time.

If the title and loan is for an entity (LLC) buying the property, then he can be added to the LLC easily.

I’ll start by answering my own question, I currently have 6 units out of state and will be adding as soon as I find another deal, how about you?

The increase of the basis will help you minimize the taxable gain when you eventually sell the house.2) Improvements made on the rented side will also be added to the basis, but you can depreciate the improvements on the rental side and deduct depreciation against the rental income.

My wife and I are currently finding out that the cash flow coming from our SFR's is plenty as we build our portfolio and the more we accumulate we will then be adding in 4-plexes and then apartments.

The cost of any alteration undertaken to comply with any such requirements shall be in addition to the Contract price specified herein.Change Orders, Amendments, and Modifications Any subsequent amendment, modification, or Contract, which alters this Contract, and which is signed or initialed by Contractor and Owner, shall be deemed a part of this Contract and shall be controlling in case of conflict with any other provision in Contract.Extra Work and Changes If Owner, Construction Lender, or any public body or inspector directs any modification or addition to the work covered by this Contract, the charge for that extra work shall be determined in advance and the cost shall be added to the Contract price in addition to Contractor's usual fee for overhead and profit.