With a properly written and qualified wrap note the seller of the property (that is the holder of the wrap note) still has an interest and an asset they can sell.

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump.

Place these footings strategically after you have jacked the house up to proper level.

We have an upcoming meeting with them to see how we can extend the loan a few more years to make the total monthly payment including installments for the annual property tax bill, which we’ve had to pay for them this year since they were late the last couple years and had to pay interest to the county. 

Additionally, if your goal is to maximize personal financial benefits, consider profit distributions from the property-owning LLC, which may provide tax flexibility depending on your situation.By adhering to FMV, maintaining proper documentation, and structuring the lease agreement carefully, you can optimize tax benefits while staying compliant.This post does not create a CPA-Client relationship.

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump.

-Start at a title company- they will help you structure liens and deeds so that your interest is protected properly.

See below for explanations, with headings taken from the attached document.Broken windows or exterior doors-The two narrow windows in the living room do not fit into the walls properly.

Just last week, the water heater (which was installed in 2020) suddenly leaked way too much water out of the overflow pipe and flooded a good portion of the basement.

There is no way to absorb the costs of properly renovating a home in its entirety when you are dealing with $115K assets.