This will sound absurd to those of you paying a small company/person 10% to handle everything - but this is how its done among the largest PMs and anyone wielding portfolios over 1k units.So to the point at hand: who gets the late fee?

Mods should remove it because it's actually false information not good for the BP community. 

The lease states that any representation in an application that turns out to be false is grounds for termination. 

Just absurd!

@John Spina jr  yes, again I'm still learning so I might be off and don't want to give false information so this is purely my understanding.  

I posted a link to a MI YouTube video here a couple of months ago where Clayton admits “a company” (allegedly OceanPointe) were working under false pretenses.MI aren't a FULL turnkey company - as in, they don't manage the properties.

I am not necessarily trying to justify that price, but it isn't quite as absurd at it would be if it was a normal triplex. 

Follow Brandon Turner's book "Little or No Money"; Matt Faircloth "How to false private money" and his suggestion of "Making a one page business plan".These guys, major mentors here on BP give all you need showing you how to go from 0-millions but you must WORK, especially if you have little or no funds. 

Other listing sites have fewer false leads, or are easier to filter right away. 

But 15 year balloon at that rate is a bit absurd.