You can also make similar assumptions based on what the market yields and ask if you are satisfied with that opportunity.

yes, it should be a "Vacant Dwelling under Renovation" policy...we have been getting ours through a broker and the provider is Lloyds of London..maybe find someone that can deal with them..it should be less than 1% of the ARV for a 1 year policy...then once you are done with the policy, cancel it and they will reimburse you for the remaining year.

. $500/m going toward remaining balance. - wanted the option to do some renovation during lease period. the owner has countered with: - $70,000 purchase price (full list price) - $5000 non refundable deposit - $700/m for 6 months and 3 month extension. $100/m going toward balance - can do only cosmetic work during lease period, no structural work allowed.

Have you lost a lot of money because you couldn't make a deal that would satisfy the seller?

You satisfy the bank seller requirements.

Earnest Money is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious about wanting to complete the purchase.If the seller accepts the offer, the earnest money is held in escrow by the real estate broker or by a settlement or title company until closing and is then applied to the buyer's portion of the remaining costs.

In your shoes, I either would have to be satisfied by her assets and guarantee (if deemed applicable), or she would have to go through the expense of placing the funds in trust and having the rent transferred each month.

The bank has a case for the remaining balance of the original loan.

In the meantime you have turned the $40K into $140K in houses - remaining mortgage (lets assume $70K) + rent profit ($40K) or a total of $110K.There is no right answer for every situation, and buying turn-key properties, yes I would agree mortgage to the hilt when you buy.

You need to check your local residential rental laws to see if you would be impacted similarly.Assuming you want the rental period to remain monthly If your tenant wanted to pay bi-weekly as opposed to semi-monthly, I would insist that each payment remain $1000.00 to ensure rent for the month is payed in-full by the first.At the end of the year, you could carry forward the extra 2K accumulated to the first month of the next year.If his pay is going into a bank account, I do not understand whey he can not simply schedule a recurring {semi}-monthly payment to you for his rent rather than have his employer implement another payroll deduction {it is possible you would not be an eligible recipient}.