Over the last 4 years they have been giving out these claims like candy to make their Covid workouts possible, and sellers are always surprised at the amounts owed.

When I first visited I was surprised at how undeveloped it was.

This often comes as a huge surprise very late in the process of a sale.Sure, the title company may have screwed up (they may have even listened to the borrower assuring them no, I don't have a 2nd) but ultimately the debt is for the original borrower to pay.

That being said life isn't black and white if its keeping you up at night don't do it but I think you will be surprised at how easy and not scary it is once you pull the trigger.

Consider remote monitoring tools (like security cameras), and budget an extra 10-15% for surprises.

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

The seller will have reduced debt capacity because the existing note is still calculated as a debt - they MAY be able to include an offset equal to the buyer payments after a period of time, BUT often the seller is surprised to find they can not qualify to purchase another property3.

I'm actually surprised you managed to get a 9% ROI but I guess that's thanks to you being a good operator and getting 95% occupancy as a result.

@Tim Nelson Vendee appears to be back on and surprisingly a large number on VRMCO.

I imagine you may be in for a surprise here in IL with how real estate is transacted.