Always do all of your homework prior to sending in your contract and check on a HUD house.

I would need some proof of funds, not a statement of $12,000 in the bank today that might have been a loan from a friend for this purpose, but a bank letter saying how much average balance over last 3 months to reflect this isn't a sudden deposit.Since she said "going back to school" and she is in her mid 30s I assume she has an employment history, so tax returns and prior employment is to verify her ability to earn, unless she's been a house wife and never worked and now is divorced and living on alimony so that would be "other income".Escrow may be an answer.I am asking 3 months to move in anyways (first, last, security) so it's higher up front cost to move in.

That is why they require the quiet title prior to issuing title insurance.

Any lender will order an appraisal prior to financing.

Based upon the wording of the advertisement, the underwriter concluded that the property was in-fact a rooming house and not being rented as an SFR - despite the fact she had a copy of the lease, the prior lease, and the bank had held the mortgage for 2-years prior.

If there is a lag in when they are going to take possession we would have deposit and signed lease and then get first months rent a month prior.

My goal is to work part-time and supplement the remaining income (I worked full-time prior to having my son) with rental income, and also building up my number of rental properties yearly.

Karen,, from my knowledge,, prior to the safe act.. to do hard money ( private lending) in CA you needed to do that through, or as a RE broker. a RE broker can do these loans ( I am one and can do them) and an NMLS licensed LO can do them without being a RE broker..

We learned this the hard way when my brother-in-law died suddenly prior to us having an LLC.

However, the condo docs state that they have the right to purchase on the same price AND terms and unless they are notified prior to closing date and close in 1-2 days they wouldn't be closing on the same terms as my contract.I'm not really concerned about losing my inspection costs on this.