Have preliminary conversations with them to see what their requirements are as well as the terms of their product (i.e. draw period, floating interest rate as it relates to prime, repayment schedule, annual fee, and closing costs) before you start forking over all kinds of financial documents.3) Most banks will go with 80-90% LTV, which means they will take that percentage of the appraised value and subtract it from your outstanding mortgage to determine the credit line.

Apply for a HELOC at 4.75% as my property received a tax appraisal of roughly $35k higher than my market price.

Having to dig up the parking lot and redo the line to the street and repave can be many tens of thousands of dollars depending on the length of the run involved and how deep the lines are.Make sure you have the full financial numbers from the seller and they verify before spending thousands on inspections to only find out sellers numbers are wrong and they will not adjust the price etc.Hopefully in your purchase and sale contract you had language such as due diligence period does not start until ALL of the items listed are received by the buyer.

This best practice is no different than if you receive a physical check from a tenant.

He had been receiving “rent” for 7 months.

I received some intel from a family fried who is currently a student there, and it aligns with your insight very well. 

Well I can't help you much, as I barely received my Salesperson License last week, but I am also from the Ventura area and looking to invest in the future.

Typically, a Buyer will go directly to the Seller's agent hoping that since he/she is going through the same agent, he/she (the Buyer) will receive some type of discount since the Seller is saving on commission.

Mayor Marty Walsh has just filed a regulation for Boston that allows OWNER OCCUPIED short term rentals to continue - with annual fees, of course.However, for non owner occupied / investor-owned STRs, the proposed regulation would require the investor to get the property reclassified from residential to commercial. 

Most of our tenants have the payment processed 7 days before the due date to ensure we receive payment in a timely manner.