I have a feeling that the first deal is the scariest, since it's crossing over into unknown territory, but that it gets significantly less scary after that.

[Edit] Forgot to add this little most commonly unknown fact about LLC's and Corps...Think you might have to go to small claims court or municipal court to get a judgement against a tenant or file an eviction?

So, that is an unknown.

3.Being an older house you will run into many issues over a newer build.Have you taken into account cost overruns and longer times to rehab once unknown items are discovered?

Since REO's have potential unknown liability issues, is it more likely a "you get what you pay for" situation.A home may have a price of $250k, but have an estimated value of $300k (based on size, age, neigborhood, etc), but that means the bank estimates there is $50k worth of liability (whether that is unknown debt or repairs).

The insurance company will comply.If insurance company is unknown, the lender should send a specific letter dated and to the borrower stating the situation in detail.

There are several unknowns on a purchae transaction most of the time, but we try to get as close as possible, so the borrower is not "shocked" when it gets down too the nitty gritty.

The all others is critical and covers everyone known or unknown to reside in the property.This way someone living in their cannot say the eviction says so and so but not me so you can't make me leave.Front and back lock sets cost me 28 dollars for the set with deadbolt and we put those on the second we finish with the writ or the tenant voluntarily hands over the keys and it is vacant without filing eviction.We do this because sometimes even if tenants leave on their own they have an extra key they don't give and then when where they move to doesn't work out or have enough storage they start putting junk back into the apartment they vacated or try to squat there one day and then another place another day.Sometimes in apartments tenants will hop from one apartment where they are evicted to staying with the unit next door that is paying.After awhile say a week or so the good deed wears off and that tenant wants the people gone from their unit.Was the power in the husbands name??

Maybe they would for reasons unknown to me (I am not a banker), but I just don't think this is a good strategy.

As long as the rent is paid and they are quiet I don't care.Now when people get in hard times I find 3 people turn into 10 people living under one unit 2 beds,2 1/2 baths.The problem is the people that were qualified credit and criminal are on the lease and the others are not.So the unknown people have not been qualified to see if they will be a problem or not.More people wear down the units faster,cause noise with extra vehicles,and parking issues.Our water is not sub-metered and is paid by us the landlord.Extra people taking a shower,flushing the toilet,washing clothes,cooking etc. runs up the water bill.Water company says people use about 60 gallons a day on average according to statistics.I know there is fire code limits but I was thinking of having in lease max of 4 people and anything over that is 50 dollars per month per person.This would cover extra water bill and help with extra turning costs with the heavier traffic usage.