I have done it before, and nothing bad happened, but I have heard some bad stories.Set up a bank account to accept rent, and another bank "trust" account to keep the security deposits.

Hello Fellow BP-ians,does the banks always go with 75 ot 80% of the purchase price on contract or is there a way to get 75 to 80% of the actual appraised value, even though the contract purchase price is only 75% of actual value?

@Mark ForestDo you have different bank accounts for your operating fund and your security deposits?

If the OO rate drops below a certain percent, then it can be difficult to obtain bank financing to purchase a condo.Some condo associations will demand to approve any tenants.

I've never heard of any seller, bank or otherwise, having control of what you do with the property after closing.

Credit unions and banks with hit your with 5000 to 7000k in closing costs.  

I can't count how many failed flips/inherited properties I've bought or wholesaled that your criteria would have cut out.

Do I let the bank know of the partnership for purpose of rehab, or keep it quiet?

Our bank is going to implement a blanket loan such that our equity is collateral.  

Franks the master and gave the price a bank appraisor will arrive at.