If we have an applicant that falls a little bit short, but we think they'll make a good tenant we prefer to take additional deposit.When you take additional prepaid rent that gets used up during their tendency while the additional deposit stays until they move out.Often times when the tenants pay the additional deposit you want to make sure they get that money back when they leave and them more incentive to leave the property in good condition.Kevin

Tenant agrees to a new termination date of the lease of July 31, 2015....Landlord agrees to refund to Tenant all unapplied pre-paid rent less costs for damages, utilities overages, cleaning, and financial remedies upon the date Tenant quits and vacates the property.Would you recommend billing the tenant for the damages from Question #1, or go ahead and deduct the amount for damages from the rent refund just as the tenant signed and agreed to in the Early Termination agreement?

The CFPB’s Mortgage Servicing Rules require that within five days of a request by the borrower the servicer must be able to retrieve the following documents and data on each mortgage loan serviced:  Transactions credited or debited to the loan account, including escrow and suspense;  Security instrument;  Notes created by servicing personnel;  Data fields created by servicers systems; and  Copies of information provided by the borrowers to the servicer.

I have just below a 620 and a stellar debit to income ration.  

Thanks for the replies BUT I figured out the answer myself .... not worried about being sued I got PREPAID LEGAL on speed dial.....

I was asked to send a copy of my Drivers License, as well as the front and Back of my Credit Card, after already sending the seller the info off the card and singed an authorization Affidavit. Anyone ever been asked f...

Consider any due on sale clause filing an option.Owner occupied, have a mortgage originator qualify the buyer.Do not put contingencies in an option that require performance, like paying rents agreed, it will invalidate the option making it a purchase contract, an optionee may not be required to perform in any aspect under an option.The lease and option are separate contracts, the lease may require performance, like paying rents as agreed.A residential tenant may not be responsible for repairs, IRS requirements.On a 3 year option, it will be better if you were to pay $3,600 as seller concessions to closing costs, she must pay pre-paids under most mortgages.

Sorry I didnt mean to included capex in calculating NOI but rather a negative or close to negative cashflow after debit service even with all 3 units rented out

Credits to settlement costs excluding pre-paid items such as insurance or taxes, is not financing as those credits don't reduce the purchase price. 

Here are the specs:HML:purchase price: $60,00010% downrehab est: $7,000 ( We have to figure in rehab to get the loan amount up since they only finance 90% of the purchase price and the loan amounts start at $60,000)Total Project Cost: $67,000 (purchase and rehab)down payment: $6,700origination & closing costs: $4,000escrows/prepaids est.: ~$2,300Total est. cash to close:~$13,000monthly interest: $552 ( 10.99% APR for 12 months and interest only payments)The total cash to close for both deals is around $26,000CONVENTIONAL: 20% down to close, 4.75% interest rate, 30 year I would want to do a cash out refinance with both properties eventually anyway, so which one should I go with?