Also - legally, in NYS you cannot bill for water on multiple apartments if there is only one water meter.

It comes very close to the 24% gross annual return (2% guideline) using the higher repair and lower rent figures.The 50% guideline you brought up is to make an owner aware that 50% of those gross rents you collect each month will flow back out in the form of various expenses (taxes, property management, repairs, replacements, legal, vacancy).

What you lack in technical or legal expertise can more than be compensated by offering to be helpful.For example, keep a list of handymen, tradesmen and contractors that can fix problems.

There is a common misconception that for something to be legally binding it has to be written by an attorney.

No equity no deal IMO.Get together with a RE Attorney to ask or get the correct paperwork suitable/legal for your area.Find buyers by networking with investors, agents, brokers, lenders, attorneys, craigslist, bandit signs, newspapers, etc, etc...

Hello BP,I figured the title was appropriate with all the legalization stuff going on here in the past day(s).

From what you've said, the only impropriety here is if the seller is getting any type of fee from the listing, or if the listing/selling agent is a legal part of the buying entity, and does not reveal it to the bank

Do I have any legal obligation to do business with people that I do not like?

If the borrower fails to follow the plan, the BK plan is dismissed and the creditors can file and continue with legal collection means.

I am going to talk to my lawyer as well but I figured I would get some free legal advice from the experienced rehabbers first.