The PM keeps these additional fees for their additional effort in 'chasing' rent.

@Chase Hoover if they have no investment knowledge of the real estate industry i would suggest drafting a clear and simple constructed pro forma on the property you are specifically targeting.

We'll be happy with the 1% rule delivering a superior product over the long-term and let everyone else chase the high-risk 2%.

Between their time frame, budget, expectation on condition and size, we are chasing a unicorn.

After chasing and following up aggressively (even involving our lender) the contractor has disappeared. 

Cap One does (and they pull from all three for the hard inquiry) ,Chase does not report.I personally would wait until after the pro-approval. 

I dont want to get into a situation where 2 people say they paid their portion and the last guy doesn't.This would leave me with 2 tenants that feel as though they honored their part and I'm out 1/3 of the rent.I want to keep it simple and have no intent of chasing around anyone.How should I set it upThanks in advance.Mike

This means that even if you knew how to do the same work of finding them and staying up to date on all their guidelines and loan terms for any given time, if you called them and asked for a loan, they'd likely answer "sorry, but we don't do that, please call..." and give you the name of one of their mortgage broker partners.I'm not sure if that exactly answers your question, but I appreciate you asking it, as I think there is a lot of misconception over what different entities in lending do, and how the process works.Bottom line, if you very rich with great credit and just want to buy mansion to live in, you probably want to call Chase or Wells Fargo rather than me.

for a US citizen probably pretty severe if they really want to go after you for defrauding the federal government.for a foreigner doubt they spend the money chasing you internationally. 

I don't know metro Detroit, but you might find the same thing there... a regional bank that wants to chase high net worth individuals by offering an unusually good NOO HELOC, they might make it a package deal and require that you open a checking/savings account with them (they want more of your business than JUST your HELOC, that's the point, that's their goal, that's why they do it).