Originally posted by Norm Chrostowski:When calling FSBO'S, what does one say?

Originally, the property was designed as a retreat center, but it didn't receive the necessary planning approvals for broader use beyond a single family residence. 

However, she’s late on her second month’s rent and gave me a heads up that she’d be a bit late and will accept any fees on the 1st day of the month.

Enter recurring charges and automatic late fees.

On your first scenario at $145k value @ 75% LTV, you've got $32k to play with BEFORE fees.

Originally posted by @JM I.

He was charged around $4k for legal fees to remove the tenants, and $900.00 for each eviction and removal by the property manager.

Do any of you have recommendations for Richmond lawyers to facilitate the process of originating and putting the property in an LLC? 

You'll still need to do some of your own leg work when vetting tenants, but it's easy enough and will save you the ~10% management fee.

This will likely be a cash for keys situation.This will likely be a cash for keys situation.This will likely be a cash for keys situation.Because they have been there for over ten years, that is one qualifier for relocation fees at a set price.