Major holding costs....insurance, taxes, foreclosure costs, etc. will be dependent on the holding time before disposition of course, and dependent on local foreclosure procedures and defenses raised in judicial areas.

You should video record this as well.To your specific question, It really depends on how hard you want to play.If it really is just a communication issue, work through it and explain you are unable to do your due diligence without the certificates and copies of any leases and would be unable to close the sale due to the seller's deficiency.That is the softball way.If you want to go hardball you can send him formal notice reminding him you relied solely on his representation of the condition of the leases.

It also had what we called a "formal living room".

I'm not going into detail about LLC formalities (e.g. make sure your LLC is legitimate with the state, operating agreements (OA), etc.) since you can find that elsewhere on BP.

GenusI actually just closed a seller financed deal on a three-unit rental on dec 31. i don't have a ton of experience but i'll tell you why i think that one worked. it was a FSBO, but not a seller finance offer. i called him and asked him point blank if he'd consider that, because i had a down payment ready to go. i didn't make a formal offer but i did allude to a ball park figure on a down payment i had put together. the two main reasons i think he took the deal are that A) he was a genuinely motivated seller, and B) he liked the thought of having that down payment cash in his hand now, rather than waiting and hoping that something else came through.at that point, i didn't want to make an offer because i hadn't walked the place and still needed to feel out what kind of deal i could get. i was pretty up front with him about everything. i told him early on that i was looking for a rental so i needed to limit my monthly payment as much as possible. i figured it would be best to save his time and mine if he just flat-out wasn't interested.i would assume every deal is gonna require a little finesse, every seller and every situation is a little different, but that is what worked for me on this one specific deal.

I sat formal licensing exam last Wednesday.

Here in the state of Virginia, we have non judicial foreclosures, where the properties are auctioned off at the courthouse steps by a trustee, Its not a novice's game to play, as there could be unresolved issues with the title, you have to put good portion as a down payment (I have seen trustees ask around $10K flat amount) and you have about 30 days to close.

There's no formal dinning area and the house is very sectioned off.

Sign PSA and await formal acceptance3.

There are no listings at the places that are even partially at capacity.I did a little due diligence- there's nothing weird filed with the govt, no back taxes, no notices of it being uninhabitable.... just vacant.I also don't understand why you wouldn't put a property like this formally on the market.