As far as notes receivable income, here's Fannie Mae's guidelines:-Verify that the income can be expected to continue for a minimum of three years from the date of the mortgage application.

October was the start to the cut off dates and some of these homeowners do not have the means to start paying a higher payment.

It was a BS date all along.  

I have done 3 deals so far, purchasing a homes comfortable enough to live in using VA loans with on average 10-15k of equity on the date of purchase due to finding opportunities in the gray area.

However, both sides of the duplex have leases that go until May of 2022 and it the date is currently (11-12-21). 

Trying to tackle collections can be tricky like looking at the date of last activity and managing the negotiated payoffs correctly.Banks have a system where we can run "what if simulators" and rapid rescores. 

So my lender was lagging a lot and therefore me and the sellers agreed to postpone closing date twice (we signed anAddendum).

OBTW a multi member LLC files 1065 every year from the date of formation.   

Always document, have them sign an addendum to the lease if it all possible with a very short description of mutual agreement termination (no need to be specific here, I would suggest just termination dates by mutual agreement... period).   

Save yourself the time and court dates, figure out if you can make that work. disclaimer: I am not a lawyer and I am a fairly newbie investor/ landlord.