But when you can qualify and deal with the process before then - usually worth it to do bank options like this until you hit the scaling point (could be 3 rentals could be 5, could be 10 etc - no real "hard and fast rule") 

Although you don't need licensing for many loans, it's probably a good idea to deal with and verify the licensing of NMLS licensed lenders.

I do a lot of business near the parks with STR and I know the HOA fees can make it really difficult to make the numbers work.

For the seller (John) to defer capital gains via a 1031 exchange, the sale proceeds must be reinvested into like-kind property within 180 days.

and usually take the state test to get the license and skip the federal part of the test ..

What made you interested in investing in this type of deal?

He has helped me with some creative financing and outside of the box strategies in the past.

YoY is up marginally.Rentals - Availability by MonthThe number of homes for rent increased slightly MoM, conforming to the seasonal trend.Rentals - Median Time to RentMedian time to rent increased slightly MoM, (28 days vs 27 days in September), conforming to the seasonal trend.Rentals - Months of SupplyAbout 1.8 months of supply for our target rental property profile.

You identify the problem (lack of deposit) during your inspection phase, then hit them with an objection that requires them to pay you a deposit at closing.

I would love to hop on a call soon and discuss potential ways of collaborating or creating a win/win situation!