As I mentioned in my original post; I am a mortgage broker and I am very careful to present a lender to my potential borrowers as I don't want them to get scammed.

I asked the last question figuring I knew the answer based on your other answers.

Late fee amounts and timing are often affected by state law, so be wary of implementing the answer someone gives you.As far as vacancy rate, 5%. 

There is not a yes or no answer to this as it is completely subjective to your strategy. 

Hey Richard, I do a ton in Detroit both personally and with other investors.We need some more details to fully answer the question.- How long has your friend owned the property?

., I'm happy to do my best to answer. 

If they deem it unaffordable, they will try to negotiate it down and if you aren't satisfied then you can start the process over with another tenant. the 2k they are currently covered for rent can be an old number and one the past owner never bothered raising, but I would assume you would have to do your own application to be a landlord and I am sure the numbers used would be based on current FMR and the tenants current income level.. then again my knowledge is based on S8 St Petes Flordia, and you should call s8 housing authority to get clear and best answers

New York home sellers must make disclosures under updated law in shift away from 'buyer beware'For the past 22 years, Long Islanders selling their homes could avoid answering detailed questions about their property by giving a $500 credit to buyers.They no longer have that option starting Wednesday, when new changes to state law take effect.

Sounds like they make money in some other ways like origination fees or taking equity from short sales but I doubt that happens often. 

I've spent the last week or so trying to get the answer, but I can't get to the bottom of it.