Too many in your shoes focus all of their time and energy on preparing for the liability event and fail to address the items in their day to day business that can actually prevent liability exposure.

Just some food for thought, no two people have the exact same situation when considering this decision so do what you are most comfortable with.

I did have two called and we paid them off upon receipt of notice from the mortgage servicer/ credit union in one case.And there are many more gotchas bottom line if you have deep pockets this is fine if an investor thinks this is a no money down I dont need any money this is a disaster waiting to happen.thanks this is very helpful, the deals we would do we are prepared to payoff the 1st. 

My wife is also part ofa LP/GP (where she is the asset manager) that acquired a value-addapartment complex in Houston, where the renovations are now complete, and theGP is in preparations for the refinance.We are currently working on further expanding ourlocal portfolio and are planning out our next larger acquisitions.

Of course when an event was planned with food, why would I make a reservation?  

It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play.

These are normally the same investors who are preparing 12 tab excel spread sheets for their $100k BRRRR single family’s…..yeah they’re over compensating. 

If you pay rent while in Aspen, that housing expense will be factored into your DTI ratio (e.g. total rent paid in 5 months divided by 12 months).You should be prepared for your loan file to go to an underwriting manager for second-level review on account of the occupancy risk associated with your primary home being located so far away from your work.

That's like asking, "Does food taste good?"

So, there's that, but I'm the type that likes to be prepared and would rather have a client list to present deals to and haven't had much time to build it.