If you have a major $4k plumbing repair pop up the first month you have it rented how do you pay for that?

It needed everything, foundation, all new electrical, new plumbing, new HVAC.

Had seven contractors (called everyone in the yellow pages) look at it for re-plumbing.

Now this is a small six unit building, with ALL previous owners gone and new owners either moved in or rented out, two of the six units are in foreclosure and hence vacant, and the new owners are getting familiar with rules and regulations of the HOA documents which are like six phone books, so the questions about who's responsible is met by "...well I don't know either what do YOU think?"

Best to market for private sellers.Be sure you're not violation any real estate board regulations by wholesaling or getting cross wise with your broker.

You need to consult an attorney in your area familiar with HOA regulations, etc. as to whether or not those terms are legal.

That said I'd be very sure I got it taken care of. x2 on the keypadplus I add heat tracing on any plumbing under a crawl space.

They shouldn't get a cut of the sales profit.Loans on houses you're living in are subject to more regulation than pure fix and flips.

Find a bank that fits your criteria bc as regulated as things are, different lenders look at rental income differently.

The lender will make them have a property management company oversee the operation, to make sure they comply with the rules and regulations.