That said, be mindful of correctly setting up the manager actions of the company and the property.

The debt payment difference would amount to $850 and you are correct your closing costs would likely exceed that.

The estimates may be correct and may not.

The definition of value is what a seller sells for and a buyer buys for in an open market in a non arms length transaction. ...I believe a correction is needed for the words in BOLD; try using the phrase "true arm's-length transaction" instead.

If I understand you correctly you paid $1895 to borrow $16K in transactional funds for a day or less.

I understand I need comps to determine the ARV, after repairs, correct?

(I am not sure if I am asking this question correctly but I am just curious how to pay a little as possible in closing cost.)How can I calculated as accurately as possible even if it's a rough estimate what I should have for a Reno-budget and contingency budget?

Take your time and do it right getting the correct input from the correct party.Good Luck.

And if I'm correct then I'm also assuming that he was trying to give you tips on finding that money partner without violating security laws.

(i know i am taking the risk of the seller selling but the bank wont know and cannot call the loan due correct)?