The expenses seem a bit low, but they just did a lot of capital improvements which may explain that number.As for what to expect in maintenance costs, well that varies of course but nationally for multifamily naahq.org publishes repair/maintenance costs at 3.7% of gross rents.

That's usually something the agent will have in their back pocket in the event the deal dies with the first offer.The response time will vary, some of them are quicker than others- there is no set timeline.

The house you are purchasing is the collateral and they each vary on what they will lend.

Better yet have a few contractors give you estimates.Or you could buy j scott's book on estimating rehab costs.The main thing is to know what you need done to the property, what rooms, etc and have the contractor give you an estimate.Pricing is all over the place and will vary by contractor.One good rule of thumb I heard brandon say in a podcast was to double your repair estimate and if you still do ok then it's a good buy. 

This person has a law degree and takes on the liability of their advice and actions.

Reports vary about specific timing and to what degree, but a gradual cooling of the market is anticipated sometime this year and through 2016."

It's also important to know when you can serve the Notice to Pay Rent or Quit (or similar notice) too, as it may vary from one jurisdiction to another.

(his degree is Aerospace Engineering) Since he'll need to go the FHA route for his loan to get a low down payment, we're looking for some remote leads on investor friendly lenders and local real estate agents that can help us locate an ideal property for him.  

The houses around are generally occupied by local residents and are worth a varying range of $60k-$300k (houses on the lake are obviously the higher end)Our options are:#1.

I know the rules can vary greatly by state to state and I intend to add certain provisions to be reviewed by an attorney but I am curious to see what a good agreement for both a seller and an end buyer encompasses.