I would think since other programs are $50K, $40k and so on, that $15k is rather appropriate, providing they are providing the appropriate training.I am not advocating for group learning.

The umbrella provides coverage over the primary policies (provided you have the required Liability limits on those policies) for those vehicles as well. 

. - not a lawyer but I know someone in a similar position who acted as a private money lender (silent partner) on a rehab to generate passive income.You could also look into the many turnkey providers to sites like Realtyshares, Honemestors, etc who will provide you with a K1 for passive income.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

I don't know what MN provides.

The pros would be less hassle since you are dealing with on tenant, but cons would be if that specific tenant does not/cannot pay rent, then it will create extra burden for you to pay your mortgage.

this is so needed in the market . especially in cases for seasoning where borrower has to provide cost of renovation . if this would populate a report and all invoices attached to it that would be beyond amazing of a tool to have 

Renovations often uncover hidden issues, and having extra funds can prevent financial strain.Remodeling Tips:1.

For many of us, the debt is an asset which can be refinanced for extra cash as you pay down equity.

We would NOT need to order a 1007 market rent report if we had either:1st months rent and security deposit2 months of rent deposits (canceled checks)If it’s a departing residence we could only use rental income to offset monthly payment (we couldn’t use extra income if 75% of the lease was 3,000 and mortgage was only $2,500 I couldn’t give $500 of income to boost DTI unless he has moved out of the home for some time and we have 1 year of history of being a landlord (which it sounds like we do, just not sure if he’s just moving out of this home).