I had a decent set of renters that are leaving after their lease is up at the end of this month.

This is my first extensively water damaged home that I may purchase.

I've replaced specific details with 'xxxx'.Terms of Payment (interest only): On or before March 15, 2024, Borrower shall make a prorated interest payment for the month of March 2024 in the amount of xxxx per day beginning on the date of execution of this note through March 15, 2024.

Purchase price: $307,000 Cash invested: $118,000 Purchased in January 2021, we successfully renovated this home to create a premier vacation rental property.

This really is an economic pickle.  

Hi BiggerPockets Community,I’m heading to The National Due Diligence Convention in Houston this weekend.  

It also makes it harder for other operators down the road--- not your main concern but we all impact each other.What about you and your wife live in the garage unit, and rent out the house for a lot more, at least until all this permitting is figured out.

@Bruce Schussler   I am always suggest my borrowers stop at 60% loan to value when utilizing this strategy.  60% is the loan to value where the loan would qualify for the best possible rate.

There is a lot to discuss on this topic.

There is almost zero chance that you bring this issue to a head and they sign a lease with a good future prospect for the tenancy.