The most experienced and costly framer in our area ended up framing the house and charged a premium because his schedule was already full...

Being that her credit isn't great though, make sure you charge a premium interest rate and she needs to put something down too.

My quote through @Tim Norris 's company has an $1,800 premium with a $10,000 deductible for Named Storm Damage (eek) which also applies to any wind/hail damage at all when NS coverage is chosen (this makes me nervous).

edit: "more than you can imagine".

Your premium and policy will stay affordable by keeping what you need and getting rid of coverage you don't.

Since running out of cash is very unforgiving, here is a synopsis of what to expect (using figures specific to this deal but at least it gives you a general idea):$10,000 entity formation, operating agreement, PPM and subscription agreement$40,000 loan fee$21,000 closing costs$16,000 in due diligence costs (reports, etc)$17,500 legal fees for the lender$5,000 legal fees for the buyer$20,000 utility account deposits$45,000 prepay first year’s insurance premium$40,000 fund lender’s impound account$600,000 for capital improvementsIn addition to the above, don’t forget cash reserves!

I have found that u always have to look and switch because they always increase their premiums thinking u would not notice.Terrible run on sentence.

Here's a brief example:Gross Rents (Income) - Property Taxes (Expense) - Insurance Premiums (Expense) - Repairs & Maintenance (Expense) - Property Management Fees (Expense) - Interest (Expense) - Depreciation (Expense) = Net Profit, or Taxable IncomeNote that the principal portion of your mortgage payment and capital expenditures are not deducted as expenses.

That's because you'll have all the basic cost of new construction (framing, siding, sheetrock, paint, mechanicals, flooring, etc), but instead of amortizing the cost of a roof system and a roof over multiple levels of square footage, you'll be incurring that cost over just the added square footage.So, you're probably look at the cost of new construction, plus a small premium.

Insurance premiums have been paid quarterly by the borrower.So, NOD has been sent, and as I mentioned in an earlier post, it really got his attention.