Here are the expenses (annually):PITI : $7,800 ($650 per month)Property management : $3,300 ($275 monthly)Vacancy factor: $1400 (2 unit, 1 month per year) – highly sought after areaRent loss: virtually non existent – good tenants with good creditTotal of $12,500 in expenses per year not including capital expenses$33,000 - $12,500 = $20,500 per year (minus capital expenses)This would make my expense ratio around 38%Am I forgetting anything here?

Well asset managers sell a non listed property?

The parades, the patrols and dog and pony shows those you do under the non-profit.

Now, any period of rental use after Dec 31, 2008 is a period of non-qualified use and the portion of your sale profit allocated to the period of non-qualified use is not eligible for the capital gain exclusion.

Well, you could have your attorney draw up a non circumvent agreement stating that if you bring a buyer you will receive " X " at the time of closing.

They gave a verbal agreement on a Friday, stating that they would send the contract over early the next week and even going as far to say when they thought they would want to close by.

Note that if the borrower owns 5-10 financed properties, and the subject property is 2nd home or non-owner occupied, lower LTV/CLTV requirements apply, and these requirements MUST be manually applied.o The purchase transaction must have been an arms-length transaction.o The purchase transaction must be documented by the HUD-1 which confirmsthat no mortgage financing was used to obtain the subject property.

So don't look at what the market is today look at what the saturation levels and pricing will most likely be when you come to market with a finished product.Don't be too rosy in your projections.This is what killed many developers who used high leverage and bought in 2007.They overpaid for the old building or land,used too high an ltv (90%),and had high rents expected on the cash flow which skewed the projects anticipated returns.When things finally came to market debt service was high and rent income was low and many developers with non-recourse walked.Today everyone wants to nail you to the wall to lend any money so you have to be ultra conservative in your numbers.

The broker that was assigned by by primary mortgage servicer said that only 30% of applications are being accepted by Fannie based on what they are seeing.There is talk of a HARP 3.0 that might hit later this year for non-Fannie/Freddie backed loans.

After I get a verbal acceptance of my offer (and verbal confirmation from the seller that there are no mortgages or judgments against the property) I usually do my own title search to make sure.