I agree with you, gurus should be held to a much higher standard, but newbies keep following them.

IMO just because a deal is outside of the box doesn't mean it's a bad deal and I sometimes feel like, for some agents that I've worked with, if it doesn't fit into a standard, cookie cutter, every single day agreement -- it's wrong.I believe if everyone is transparent, if everyone knows the risk and there is a base level of protection is given in a deal-- then is a deal is a deal.

The next paragraph is standard stuff.

Since there is no approval on the second mortgage, you technically do not have an enforceable contract (all said assuming standard SS addendum is used - nor am I an attorney nor do I play one on TV or the internet).

Here are some links that may better assist you... http://www.irs.gov/uac/Newsroom/2013-Standard-Mileage-Rates-Up-1-Cent-per-Mile-for-Business,-Medical-and-Moving http://www.irs.gov/publications/p463/ch04.html#en_US_2012_publink100033930http://www.irs.gov/taxtopics/tc510.html Kudos, Mary

Standard insurance from Farmers, State Farm, Allstate etc is find they will require the policy has 6 months rent loss coverage which isn't much more and generally standard with most polices on rental properties.

My biggest lessons learned here were:1) Have more than enough reserves than you think you might need (or quick, reliable access to other cash)2) Know your standards, and stick to them3) Don’t give up long-term goals for short-term gains4) Have an exit strategy/mitigant in place for weak(er) tenants if you do accept them or are in your tenant pool due to geographical location.

I had a pretty standard comment for this as a lender.

I understand that it may be subject to each individual investor, however, is there a "standard" that you have seen exercised?

There really isn't a "norm." 10% seems to be a standard allowance though I'd imagine almost everyone on here has a few contracts better than that.