@Tara Piantanida-KellyVery unfortunate circumstances.  

From my experience, local lenders are easier to work with and can work around different circumstances. 

Just trying to understand at what circumstance would you apply the1% rule and if any additional factors get calculated in that rent amount.Thanks,Mel

The way my attorney explained it to me is that this allows for me deflect liabilities between properties issues and management neglect for self management.

If you have had a similar circumstance I would enjoy hearing what you have done to adjust or change how you are buying properties during these times.  

If I had to guess, I would say the seller of the first property simply needed to sell fast and cheap for some type of unique circumstance (avoid foreclosure, need to pay medical bills, etc.)Whether this makes it a good deal is another conversation.

House was quite neglected for 40 yrs.

today the husband called to say he will be 2 weeks late because the wife had a mental breakdown and was hospitalized for a week , so he had to stay home . also he informed me next month he’ll be a week late because he needs to catch up . the lease states there is a late fee after 3 days . is it fair to charge him under these circumstances? 

We were just approached to consider purchasing a neglected home from a distressed seller. 

The current owner said he bought the park in an auction last year and he heard the water well was neglected and the health department shut the park down.