very similar to a house i used to own. what I would do: pay a company to send a camera down it with you there so you can actually see the line the whole time, dont trust them if they say they sent one down and the line is broken or someones assumption that the line is broken.

hey BiggerPockets community, I'm just getting started in real estate and following popular belief, I was under the assumption that for tax and liability benefits the first step was to get some corporate entity set up to conduct business.

Only thing I wanted to add was that I don't see PMI in any of the assumptions.  

An existing loan where the agreement to pay an underlying mortgage is not an assumption given by the mortgage holder, the seller is making an agreement extending credit sufficient to pay that underlying mortgage, the seller is financing it.

But, the loan docs allowed the seller to sell up to 49% of the ownership without triggering the due on sale clause or triggering the requirement to qualify as an assumption.  

Then ask them to send you a loan assumption package.   

Taking it sub2 is not an assumption, so there's no obligation for the investor to occupy it. 

I was going under the assumption you had a source for both.  

That is only an assumption though.

The owners are great people and they understand the risk pertaining to the due on sale clause and know that if we miss payments it will hurt them.I went to Escrow today to start the closing process and I was told that they can not do a subject to, but it would be considered an assumption and we would have to speak with the lenders to get approval for that.