So do I need to find the condo documents to determine who owns the condo roof (the homeowners or the condo association?)  

Also, qualification and documentation are more tedious because the loan has to able to global debt service.

With AHA, you have to fill in some documents but the PM is in charge of managing most of the change of ownership paperwork.

There are Lots of lenders out there putting out garbage preapprovals...I guess they’re afraid the potential borrower will complain about all the “extra” documentation.

@Charlie MacPherson Mercifully I haven’t seen this is my area but up here in the woods we’re usually the last to know about anything.I’m curious - what’s the history on these short sale properties?

I also recommend "What Every Real Estate Investor Needs to Know About Cash Flow... and 36 Other Key Financial Measures" for numbers related terms.Good Luck.I appreciate the input Jake, I will start documenting everything I do not understand starting today.

Tracie, most small banks in my experience won’t lend to a LLC, especially with no history and not for flips.

@Shefali Rai, your accountant will document your sale and subsequent purchases. 

A short history of me...I became seriously interested in REI two years ago when a co-worker was telling me about his adventures in REI.

Part of your inspection process should include a review of the lease agreement and other documents, payment history, and a complete inspection of the unit.