Just giving you a realistic estimate for budgeting purposes to ensure you are paying what you should be

Moreover, you can always switch to another member.Lastly, I use two methods to check rehab quality: hire boots on the ground to ensure the project is on track and pay inspectors before releasing funds.

Hi Linda,Once you have obtained written confirmation from all tenants regarding the change and have established that the security deposit will be forfeited by the exiting tenant, you can proceed with the following steps:-Re-qualify the tenant who will be staying to ensure they have the financial means to afford the rent on their own.

I want to make sure that I have the ownership structure set up well, to ensure the best asset protection.I have heard a lot of recommendation to set up the property under an LLC, and have informed the lender & mortgage broker of my intentions to transfer the title to the LLC after closing - and they have no issue with that, as it they have seen it done frequently.The issue I am currently struggling with is with liability insurance.

What the primary concern is ensuring that the existing lender that your are now paying is listed as the 1st loss payee on the policy (mortgagee clause).

Maybe I knew about the impending job loss and I took action steps to ensure I could fulfill the terms of my lease.

My question is, for the initial financing, I’m hoping to stay as liquid as possible to ensure sufficient cash on hand for the rehab.

Ensure a good source of income (3x rent) and good prior landlord relationships.

I have heard through the grapevine that the units need to have a HVAC specialist look at the systems in each unit to ensure that they are operating correctly. 

The private lender can be your cousin or your friend Bill (who should check with a lawyer just to ensure there are no licensing things for one-off private mortgages).This is still going to be at a higher interest rate (well, unless Bill is just doing you a favor and only WANTS to charge 3%...), but it's only for about 20% of the acquisition cost of the property, rather than going hard money where the ENTIRE acquisition cost is at a hard money interest rate.