"Last month" is not allowed as that's prepaid rent.https://www.nytimes.com/2019/06/21/nyregion/rent-laws-new-york.html

Tips:- Use either FHA or FHA 203K loan - Negotiate full seller assist (6% of purchase price)- Buy a property with tenants in place, close on the 1st/ 2nd of the month (You’ll get the full rent credit for first 2 months before your first mortgage payment, seller will pay the pre-paid interest in closing costs)       - Ex) You buy a triplex that currently cash flows $3000.

I just came across a lien note with the following language “Prepayments will be applied to installments on the last maturing principal, and interest on that prepaid principal will immediately cease to accrue.”I had a few people look at this and got 2 different interpretations so casting a wider net for consensus and feedback.

There are hard closing costs as well as prepaids/escrows.

And the delayed finance loan only allows for what you put in +closing OR what is on your HUD - per a recent BP podcast I listened to where the guest pre-paid his repair costs and put them on the HUD and was able to pull those out too. 

Most investors forgot the loan costs, prepaids and setting up escrows.We also run into repairs that the client doesn't document well to show increases in values.Thats about the most common I see as a broker working with clients.

She prepaid until January.

@Jason Easter my best suggestion would be to save around $10k and do an FHA loan on something that doesn't need much work. (3% down, 5k in closing costs and prepaids) With very little cash cushion you're taking on a lot of risk with a major rehab and you don't have a security net to fall back on if something goes wrong. 

AirBnB charged 1% for the early payout but only prepaid 50%.

Since we essentially prepaid the required three-months interest, we will wait until then to do the sale so we wont pay two loans at the same time.