Usually banks want to see the LOI's and POF's just to make sure we are serious and not waste there time.

On the down side when he calls at 9:00PM to tell you the dishwasher quit he doesn't want to hear about labor pains, he just wants to "see the baby".The $700/month tenants wil occassionally be late, they will always say "I was just getting ready to call you" when you call them, their checks might occassionally bounce but they'll likely be flexibel (up to a few days) on most "non critical" repairs.

I would assume at the very least they'd give me an address, some rough numbers, and I'd have to see the property right?

That being the case, I'm going to start by wholesaling.I've checked out the local REIAs and will attend a few before I join (I've heard horror stories about some, so I want to make sure they're clubs that fit my needs) and network as much as possible, build up a buyers' list while I'm looking for deals - I've probably looked at 65 houses and can pretty much tell you what homes go for in a particular area when I hear or see the address.Once I move, I can look at buying properties to rehab and/or hold.

If you are assigning your contract, it makes sense that they would want to see the contract.

Mike has covered most of the details.For the specific loan you would need to see the documents and check with the lender.

:cry: Sad to see the investor's dreams washed down the drain.

I guess it's all in how you see things...

Cause you know they'll want to see the house right away and talk to the homeowner.

More likely they will see the debt as a shared debt and she is the one left to pay up.Obviously there are many lessons here.