Are you going to draw any money out for yourself?

The attorney would draw up a partnership agreement, with an addendum referring to this particular property.

Bryan A.Indeed the advice I received was to file a quick Assumed Name with the county and draw up a "contractual" joint venture agreement between the s-corp and 401K plan for this property solely.No formal entity since it is a flip.Thanks all.

Jerry,If you want to retain the property just get a private mortgage, my title co. in PA draws up a note & mortgage for me on a regular basis for a nominal fee.

Additionally , the consultant works out a draw schedule with your contractor and ensures that the contractor never gets overpaid without completing work.The bank in turn takes the asking price, plus the proposed renovation costs and evaluates if the finished property, will appraise at the final cost.

I think the biggest draw for the landlords is that even in a city of ~five million people, there are only a few that will actually (knowingly) take these tenants.

The handful of places listed on LoopNet, across the entire metro area, are either (a) in the ghetto or (b) contain misleading NOI estimates (most commonly I've seen sellers omit the maintenance budget entirely from their calculation).I'm frustrated enough with dealing with agents that I'm considering going on a letter-writing campaign to try and draw out the little old ladies who want to dump their headache apartment buildings.

It gets expensive updating the panel breakers and wiring to handle the draw of electricity these require.

they usually eliminate holds for me now bc we're friendly with eachother..they'll also transfer money for me if im' on the road and i call it in..yes, they know my voice (its a real small bank) :) if you can coever the check, ask if your balance can eliminate the hold..otherwise, you acn usually ask for a shorter hold..and like i asid, after a while, they may eliminate it, if you it's the same lender writing draw checks for instance, and y ou'e never had a problem..

I also would not trust the documents that a property manager is drawing up.