You didn't indicate how much they owed?

Throw unit occupancy in there for budget and understanding purposes which also will lead to indications of the stability of the purchase price and ownership type ratios.Ethan points out some less controllable events.

If the contract doesn't indicate that clear ("marketable") title be a precondition of the sale, you risk losing at-least your earnest money if the title is clouded and the seller refuses to clear the liens.

Jump in and share your story . . . and if you'd be interested in getting quoted on your experience, please indicate so, and you may get contacted by a reporter.

If they receive the payment then the PM company should provide you with a full statement indicating the total amount they received(which you will report).

On the multi-member LLC, they will consolidate the member's financial data to derive ratios, and they will also evaluate the individual members.

Corey, I generally agree with your message but I have to add that sometimes a lender's upfront fee is necessary and may not indicate a scam.I've dealt with borrowers who have a great aptitude towards their project and even greater passion for their business but have very limited skill in presenting that aptitude and passion on paper (or in emails) or in presentations to investors/lenders.

When I mentioned that I would eventually move to rehabbing, he did go ahead and quote me for general liability based on rehabbing construction, as well as coverage for any possible accidents while showing a property.I am still in the process of creating an LLC through my attorney, and do plan to carry a decent policy once my agent figures out what to actually cover me for :D FWIW, I mentioned an umbrella policy to my agent since I have seen that tossed around here a bit, but he said umbrella policies are for individuals.

I see the reasoning on an individual basis, but how many flips does it take before you are considered a dealer?

Changing one variable can change LOTS of other things as has been indicated above.