The document you linked to is for NY State as a whole so that applies to Erie and Niagara counties.

The good news is, if you didn't do anything wrong and you have proper documentation, you don't have to do anything.

It's honestly an interesting time because of everything that has happened with rates, and covid, and lockdowns and such no real history to look back on.

Supposedly, after signing participation agreement (I haven’t seen the documents yet), you can pay it off next day and essentially just pay 100% of the first mortgage acquisition price.

If it’s verbal, they’ll need to document any prior communication or payment records to establish the relationship.If the PM is completely unresponsive, they may want to send a formal written demand for communication and payments via certified mail.

So I started creating an on boarding system where I have recorded videos and documents and protocol of how to run business.

Like @Collin Hays said, it is being driven more by neighbors tired of poor STR owners not keeping things sorted.We only look for places in vacation areas with a long history of owner driven STRs vs big cities and the like.

It’s becoming increasingly frustrating—the seller refuses to provide any proper documentation.

And the obvious, again well documented, FOR PROFIT.... 

You’re looking at a market where cash flow is more predictable, and that's something you can count on in the long run.Another reason Memphis is popular with out-of-state investors is the city's history of solid returns.