Dwelling fire insurance can be an extension of your homeowners policy if the insurer allows.

Also the market has appreciated so rapidly out there so home prices are generally in the 130-160 range as opposed to by me where they are probably 150-170 for what I'm looking at.The house is listed as a two bedroom but because of a large living room extension, following some of the advice I read in Brandons first book I realized it could be easily converted into a three bedroom house.Anyway hoping to hear back soon from the bank (reo house) about my offer, but I just wanted to say through what Ive learned on here and from the podcast and books and yes even a seminar or two lol, Ive come to learn to think more like an investor and now Im starting to use that to my advantage.This will be my year.

I've heard of instances where a buyer negotiated with lien holders to pay off a reduced amount of the debts upon settlement.

One bug mistake I made was not having an extension in my contract to close on a deal.  

HelloMy question is about how to structure a partnership when one partner is funding a majority (or all) of the deal but has less experience.One member of the partnership has fairly extensive experience flipping houses (around 20 flips completed) the other member doesnt have experience with rehabbing/contractors but has other RE experience.

There might be a way for them to purchase an extension of that rate which could give you several more weeks. 

Sadly lenders are in the driver's seat if you only have a week to close.You could also attempt to get an extension to close to find an alternate product. 6% is not crazy, but it does not feel that competitive. 

@Colin Caporal-  extension fees  of 1.25 to take the  6% rate to 8.15  is  standard and OK  ...but ..you should ask the  question  about  what  happens if the  house and loan arent  closed  by 8/15/2022....(   this  could easily  occur  and  you want to  have this  issue  addressed  now  versus later )  ...were you able to  get the  DTI issue  addressed

👉Benefit Extension.

PPC is an option but the quality is low most instances.