@Manesh Hardeo When you say that the deal "closed," do you mean that the title company recorded the new Warranty Deed from the seller to the buyer with a new Deed of Trust?

I am assuming they paid what was due but I understand loan mods don’t have to be recorded so there is a chance they worked something out with the bank and they may have a larger loan amount than implied in original deed of trust.  

How do you determine a management company as someone you can trust and rely on?

Hello All,I know that Master Lease Options have been discussed a ton on here, but after searching endlessly I couldn't find anything addressing some specific concerns/questions I had so here it goes...The potential seller is a full time firefighter who has 3 very involved kids and is also a part owner of restaurants across the country with his brother. 

I record deeds of trusts in the amount of PP and rehab using it as the mortgagee. 

It is very common to spend 100K on a rehab in Newark because often there is TONS of maintenance, and things like water damage can lead to major structural and framing issues that need to be addressed, original wiring (which is often unsafe), galvanized plumbing pipes, old windows, heat systems, ect.

Trust your gut. 

If you're not going to see the house yourself, you absolutely need someone you trust to do a walk through.  

There is an update to be had at the end here, but i wanted to address a few responses first.

By working with a trusted advisor who knows their market, you will be able to quickly identify the pockets in each city that will produce a predictable income.