He has given you the right advice - make the appraisers job easy by providing them good information.

It really is that easy to fain more knowledge and be more skilled in the real estate industry.

It is the fine details that are often different (eg, there is no such thing as a forclosure in Ontario, there is no "courthouse steps" auction, there is no "absentee owner list" and the rules regarding landlord/tenant are wildly anti-landlord here).

It can be a cheap & easy way to work in the right instance. 

Hello EveryoneI'm Real ABR, GRI Estate Agent in San Antonio Texas, I mentor new real estate agents and investors to train them the whole prosses and TREC rules.

The primary thing I would be looking at is the purchase price to rent ratio (1%, 2% rule).

I know I will have to pay incomes taxes as apart of this conversion, but I've been doing some reading and can't seem to understand if I will also be hit with additional taxes as a result of something called "pro-rata rule".

I know the formula is a guide/base line but when you have ARVs hovering around the million dollar range, is there a rule of thumb or a percentage amount increase to determine purchase price?

In any case, I put an offer in on a condo following the rule of buying 20% below FMV, and it was countered but still not even close to where I needed it to be for it to work.I researched about 25 properties viewed 4 and put an offer on 1 and it didn't work out.

Does anyone know of banks that will have different policies or does this rule somehow not apply when it comes to bank account contracts?