If maximum amount is exceeded use HomeStyle Renovation program.Contingency ReserveA contingency reserve equal to 10% of the total costs of the repairs/improvements must be established and funded for all mortgages to cover required unforeseen repairs or deficiencies that are discovered during the renovation.Contractor Validation Contractor is selected by the borrower and approved by the lenderContractor validation will be completed by the Renovation DepartmentMaximum of three (3) contractorsGeneral Contractor is preferred but not requiredFollow state and local requirements for licensing of contractor(s).

You need to establish this before they move in.

In this instance, you need to use this opportunity to establish that you are the new landlord and these are your expectations, no exceptions.

I am still establishing credit.. so investing would be kind of toughWhat are the best tips for beginners?

The dream was firmly established in my mind as I looked into the mirror, but that’s all it was—a dream.

I'm going to buy one property at a time with my profits from the last one, until I can build up a bank and establish some credibility.As far as permits go, is that something that varies county to county or state to state, or do I need to look into county and state laws?

It's one thing to be frugal, not have car payments, etc but it's a whole other thing to leave your family and friends behind and start all over in a city you may potentially hate just to establish some buy and holds.

Right now my criteria is I will buy, but only if I can get them for under $55k a door, fully furnished, in good condition and with an established rental history. ...These mom and pop operations are really hard to deal with because they know what these places are bringing in, but they aren't claiming it on taxes, so they want me to go off their word- which I don't want to do.

It is underwritten by an established Credit Union in Iowa, and only charges 25 cents per transaction.

The rule of thumb I use is that if vacancy status can be established, we as lenders we have the right to protect our vested interest by taking actions to secure and preserve the collateral.