All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

I have had clients do the homestyle renovation loan it can be a good option and is less stringent then 203k.One thing to note is most people doing basic rehabs do not pull permits here so your competition is able to do the rehab at a much lower basis then you are using homestyle. 

I welcome your insights on the deal and recommendations on how to determine what can be reconfigured and at what cost, the permitting process in BK and your experience digging out a dirt basement in order to create a duplex (basement is 100% below ground level)  Thank you

Hi Ned,I  am a newcomer, gravitated towards REI after surfing the web discovering tax liens and tax deeds.  

______At least 75-watt bulbs (or CFL equivalent) in all fixtures (where fixture rating permits) in working order.

First, in most jurisdictions you can "act" as the GC in your own home, meaning you can actually do all of the work and/or hire other trades and you can pull your own permits to build your primary residence. 

My apologies for this but philosophically speaking, only the insecure companies that lack performance would get upset and their panties in a tangle over my post lolFacts are factsPoor online presence with amateur websites.Poor online reviews from landlords and tenants.Even jail time for committing government fraud.Toledo has seen quite a bit of these shady operations over the years and is notoriously known for some bad actors.For example, just going through a scenario now where a landlord is transferring 10 properties to us from an "established" PM in town and they are providing us with wrong tenant info and aren't paying monies owed to the landlord...And these guys are "born and bread" locally and have been in the PM business much longer than us.Off the top of my head I know of 4 such PM companies in Toledo.When someone wants to leave our PM company, we happily and quickly abide to any request made.If you can find and do better elsewhere, who am I to stop it.I have the same mindset not just in business but in personal relationships.Not saying all are incompetent and I believe the newcomers to be genuine.But standing the test of time will tell.Here is to a great 2023 for all 🙏Wishing everyone much success 

You could buy a fixer 2 unit or 3 or 4 unit property : 5% down and still add ADUs if city permits it.

It is unclear if he's licensed or unlicensed (I did ask my PM to verify this) but he did all the electrical and plumbing work on the house - and did not pull permits.

-Check how many 'rental' allowed in the HOA, this is extremely important, you don't want to buy condo where rental is not permitted- The condo appreciation and cash flow are really dependent on the school and neighborhood class/city/state wide.- If it's on class A and A school rating, the appreciation for that condo could be higher than even SFR.