The prior owner should be named as the additional insured ONLY.

As such, the meal is personal and 100% NON-deductible regardless of his activities prior to the meal.

I also require lien releases for each payment, they don't get their next draw until I have the lien release for the prior payment.

You could repeat the process over and over as long as you either paid off or refinanced the prior home first, then live in the new home for two years.

You received this document prior to actually formally applying for a loan (or at-least that is the way it should go) by signing a Uniform Residential Loan Application (Form 1003), Good Faith Estimate (GFE) and other disclosures.

Also, maybe you could find a local bank or CU that would consider your existing rental income prior to 2 years, or find some private money investors that are cheaper than hard money.

Prior it would go up a couple hundred then back down a couple hundred.

Jerry;Nice idea...i actually do something similar with the tax redemption notices in Ga.I look the properties up from the sale lists and reference them against county records online, it really doesn't take that long.For me, the foreclosure thing wouldn't be a ongoing thing, maybe a few months, i was just curious to see what the properties in these particular counties were going for vs. being sold off MLS listings, and i'm betting the difference is huge.If one has inside knowledge of the property from prior owner, neighbors, etc, it would be a way to get great discounts.

If Tenant 'A' knows he/she is responsible for the first $50 of any maintenance call, they may be more likely to give unclogging the toilet a solid attempt prior to calling for the cavalry.Again, I'm not advocating one way or another, simply looking for advice from someone familiar with this concept.

If I rent to someone in this situation I will require additional security deposit to lower my risk.Prime example: One of my "all star" tenants had a felony for methamphetamine use (over ten years prior to applying to rent from me), successful rehab, steady full-time employment in a respectable job.