Although about 80% of those who attempt to FSBO (For Sale By Owner) are unsuccessful and end up hiring an agent after a failed attempt.Hire an agent that charges an amount different from 6%.

I assume you're paying the owner a flat monthly rent, but how do you handle the renovations?

Privy I also am just a friend of the owner.

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Here are some questions that I needed to answer to make sure I am comfortable with any condo investment.Does the building allow owners to rent out?

If I find a property that has the potential to be a good wholesale property, can I call up the owner and tell them my interest.

But the other posters in this thread are correct, if you apply for an owner-occupied loan and never move in, you're committing fraud.

Owner occupied or rental?

Additionally, they don't have the time or resources to research and investigate Owners calling with questions on legality of property/building renovations or proposed changes.

Atty:   The mortgage would be unable to encumber the 30% interest because you will not be the legal owner of the 30% thereby you are unable to encumber the 30% of the interest.