Congrats on the purchase!

I wanted to know what are your thoughts on the 70% rule.

The thing is he wants to sell it directly to me (FSBO) without the use of an agent to save on commissions.

That is not anything we have done along these lines, and have not had any major problems. 

I had a drafted reply to you and still working on this deal. 

Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

I have seen it on padsplits in ATL on the brokerage side - best way to mitigate risk is on the purchase AND exterior maintenance. 

You pay the tax on the gain allocated to the years of 'non'qualified use.4.

I attend both and I'm on the Board of Directors of R.O.A.Finally, DM me here with your phone number and I'm happy to open doors for you locally. 

Lots of major developments going on over there with the new Honda Plant, airforce museum, and University of Dayton.