Regarding the yearly maintenance cost, it is not negligible, but I take it as another kind of assurance that make me sleep better.Even with having this asset protection structure in place, I do have an umbrella insurance to protect myself from outside liability.

But rest assured you WILL get to keep the full amount of the security deposit and you CAN fix the floor.

A new bathroom, a sink, cubbies secured to walls, a playground, etc are most assuredly going to be the property of the landlord.

As a past bank examiner for FDIC, I can assure you banks were not in the real estate business and have been under stringent rules as far as disposing of property since 1939, now that was before my time.

Thanks all of you for giving me the re-assurance that everything will work out once I start going out there and recognize that being honest is the best medicine in this business..

@Jacob Forbis I'm sure you already know this but they may not have a good grasp of their own financial situation but will undoubtedly assure you all is well.If it were my place, I would give them notice of the end of the lease and tell them you will write the check for the SD when you get the keys at the end of the month.

What type of assurance or "guaruntee" are you offering that these aren't DEADend leads--- Pun intended :D :superman:Dustin

A 4 plex is treated the same as a sfh as far in terms of financing as I know.I'm not as sure how the appraisal process works but assuming it appraises out where you need it to, then I don't think you're going to have any issue getting this plan to work.You may have to shop around a little to find the banks that will refi based on appraisal after 6 mos instead of a year.

I also thought assumptions were obsolete but the assumption manager assured me that they are available with USBank..

I am just about to execute a lease renewal with this tenant - I'd like to potentially include a clause to assure the arrangement / responsibility is clear for the future.