They are usually fine with it but if you do it without permission they may choose to foreclose-If you are in a home owners' association or similar then you may not be permitted to rent out a room (unsure what legal action they could take against you)-You must inform your home insurer and change to the right kind of insurance.

Do I use the California association of Realtor form or do I have a real estate attorney draft one up?

Having all this clearly defined up front can remove alot of head ache later.

“Mac” McIntosh III, CICV.P. of Marketing/BrokerDegginger McIntosh & Associates, Inc.

I prefer to face the confrontation head-on.

I totally agree that the loan associated with that purchase will be scrutinized very closely, will almost always require two separate appraisals, both ordered by the lender, and a letter of explanation on how the property was acquired for such a low price along with an itemized list of repairs completed may also be necessary.

I'm on my 4th at one property and lately he's been heading down hill.

RICH is a non-profit real estate investors trade association.

An associate of mine made a lot of money buying houses from the farm association in FL and renting them to section 8.

I am sure your previous investing gives you a nice head start.