Had we scheduled the closing in the morning, there would not have been an issue.The only potential upside is that a disaster area declaration triggers changes in mortgage rules that could beneficial to the buyer. 

Additionally, if he’s legally and financially tied to the property, it might limit his flexibility if he wants to make major life changes, like moving or starting his own investment ventures.Ultimately, the decision depends on how involved you want him to be in the financial side of the property and how much risk he’s willing to take. 

Whether you’re looking for creative financing opportunities or cash deals, I’d love to bring you potential deals that align with your goals.

However, if you withdraw funds from the SDIRA, it would be considered a distribution, subject to ordinary income tax and potential early withdrawal penalties (10%) if you’re under 59½.

Before diving into those challenges, let’s look at the benefits of purchasing a triplex or quadplex:Higher cash flow potentialTypically lower price per unit, leading to better returnsEasier to manage vacancies compared to single-unit rentalsMore tenants in one location—potentially easier than managing multiple properties in different locationsOf course, there are other reasons why a higher unit count may be attractive, but these tend to be the most significant ones.

Had I not scrutinized the details, I would have unknowingly paid more than I had agreed to.This experience was costly and frustrating, and I urge all potential borrowers to ask for a full breakdown of all fees and interest components before committing to any loan.

One potential route is using a FHA 203k loan for the purchase and rehab if you're okay with living in one of the units for a period of time.

@Adedotun Kembi Most lenders will only lend a total of 65-75% on a rental and at much higher interest rates due to the higher risk.

However, I disagree with your comments that the investor buyers who buy these homes have a greater appetite for risk and know the risks that exist.

Thank you for being potential resources!