It’s tempting because we need the financing to reach our goals, but just know that dishonesty almost always eventually catches up with you and once you have that reputation, it’s difficult to overcome.

Sadly, one of my properties burned down last week. I rented a legal two family to a related group this past September. Tenants were great, never late on rent (even during COVID), no neighbors complained.Then this happ...

btw, would you still buy a property if the tenant tends to pay rent late but catch up the payment throughout the rest of month?

Occasionally, we'd hear that the owner had made an effort to catch up on the payments so we were never sure whether or not it was actually going to go through.

If it doesn't catch on with sufficient bookings which exceed the previous monthly rental price (i.e. $1,800/mo.) then the backup plan is to revert to listing it once again as a Long Term Rental, but this time we would lease it as  "furnished" and raise the rent accordingly.  

They even wanted to front load the depreciation in the first year to their group with the remaining investors would get a catch up until it was even.We ended up not doing the deal with them, but to answer your questions, yes, absolutely. 

They catch you, odds are they want you in compliance with ALL current code.Might be worth getting a contractor that is disinterested to take a look and give you an idea.Then again, you could threaten to rat out the seller for a bigger discount :)

Good catch by your QI. 

Great post @Leon Green We will catch up later.

Wow, this is a hard lesson and I really hope they can find some footage from a neighboring security system or something to help catch the people responsible.