Please check with your lender .

Do you return the money as a check as soon as they sign the lease, refund the last months rent for the following term, something else?

can we do a background check on tenant that is already in lease and in the property?

I want to check on the loan prospects for buying the land.

I've read that this is allowable, but that city will check to see if all work has been done correctly, pull permits, etc.

In this deal, I negotiated a 3% contribution to closing costs as well to offset some of the purchase costs.Purchase Price: $394,000Lenders Title Policy: $1294Owner's Title Policy: $2618Prepay Insurance: $776Prorate Taxes: $3390Government Recording: $160Transfer Tax: $490HOA Prepay: $275Inspection: $330Flood Cert: $9Credit Check: $37Loan Fee: $995Interest Charge: $837Home Warranty: $530So my total closing costs were $11,741 or 2.98% of the purchase price. 

(I found an awesome BP interview video via Google about ARV and thought it quite funny that I actually didn't check here first).My intention is to continue learning all I can from here, friends who do this, and anywhere else I can for a month and then jump into making my first educated move.

There are plenty of DSCR lenders out there that can assist you with the refinance - I'd recommend checking their reviews and going off of who you feel can best assist you.

However, check with your lender.

Also check out the OREIA group in Eugene/Springfield.