I actually just did a dscr loan to pay off the hard money I borrowed on the second property (where we live and rent the actual house) I estimate the appraisal to come in around $215-280K which if I were to take out 80% would barley give me enough to buy anything in the FL market and have cash left over for renovations.Not sure if im missing a step here or if it might be best to buy an auction home with that cash to flip and have more capital to have more deal options. 

Good morning, Has anyone had positive experiences with attorneys for the sake of lending private money for an investment property in the State of Ohio?

Additionally, it's possible that your money will be locked up longer than it would in an acquisition investment.

So anyway I had made a a couple private money deals and ended up with a house I owed absolutely nothing on and wanted to pull the equity from it.

Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

Keep in mind separating utilities so each unit has their own is an entirely separate factor you'll want to take into consideration other wise the bill gets put onto the landlord if you don't have things separated, over time that becomes a huge expense.

I opened a business checking account, transferred money from my own credit union account and then was told the new business account was being closed and that the bank was holding my money for 60 days.

Be aware that they are needing the money to feed their families.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $20,000

Sale price: $39,000

Contributors:
Peter Vekselman

Partner Driven, in collaboration with Karen Sc...

The fact that a company has money is irrelevant.