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.

Thank you for being potential resources!

.), appliances, carpet, and furniture used for residential real estate.7-year Property: Office furniture and fixtures (desks, filing cabinets, safes)15-year Property: Certain improvements made directly to land or added to it (such as shrubbery, fences, roads, sidewalks, and bridges)There are multiple approaches to cost segregation studies including the Detailed Cost Approach, Detailed Cost Estimate Approach, Survey Approach, Residual Estimation Approach and Sampling Approach.If you feel like you or your business could benefit from a cost segregation study, first speak with your accountant to see if the tax savings outweigh the potential costs.

Their attorney was already preparing to file a lawsuit, meaning any purchase of this loan would immediately become a legal battle.To make matters worse, the seller was trying to structure the contract with no reps and certs, which meant if we had proceeded, we would have taken on the full risk with no recourse.

I created an electronic google doc time tracker: Time LogContemporaneous time log of rental real estate activitiesActivity DescriptionTenant recruitmentTenant screeningNegotiating and executing leasesOverseeing repairs and maintenanceCommunications with tenants and vendorsTravel timeResearch for potential rental real estate (pub 925)Acquiring rental real estate (pub 925)Paperwork/bookkeeping/bankingResearch and purchase of materialsRent collectionEvictionOn-site cleaningBill paymentOther:Time SpentDateMM/DD/YYYYSubmit

@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.

Its just the risk people take when they work for any other company other than themselves..

As new vacation rental owners I think our biggest concerns are liability and the potential of loosing everything to a hurricane.

Learning how to properly evaluate a rehab budget is imperative to your success and there are many books and posts on this topic of how to do it - I have posted many on this topic in the past.Don't forget on your list windows/doors, trims (baseboards and door casings), waterproofing/protecting floor of garage, potential need to frame/or upgrade farming of exterior walls of garage (many garages have stem walls) and the flooring is often sloped to garage door so leveling the floor may be necessary.