I'm determined to not let that happen again.

If a land contract or contract for deed is refinanced prior to ownership seasoning of 12 months it is generally treated like a purchase money mortgage.

Because the location of the house will pretty much determine the rent range, you don't want to over improve for the area.

Just because their parental ownership changed does not necessarily mean that the mortgage was assigned to the parent, it can still be satisfied by Ocwean.

Even before crunching the numbers, I strongly recommend against this.Virtually all mortgages have a clause which states the mortgage will come due if the property changes ownership.

More than anything though, I am asked to determine what failed to allow the mold to grow.

I would like to know more, or determine if its all hype?

Your partner deferring payment until the prop sells is perfectly fine and makes sense to mitigate the risk of running out of money (which would necessitate borrowing from a party that is not disqualified, or selling project "as is", likely at a loss).If you had personal cash, you could also partner with your IRA on the front end of the deal (take title in both names), at a predefined % split.Be aware that flipping profits in IRA accounts are potentially subject to the stiff UBIT tax, based on "intent" to flip, which would be determined by the facts of a given case, as well as pattern of activity.

OTOH, if you're determined to live the high life in LA or NYC, you need more income.

I feel like it would be way easier to more accuratley determine fair market value of homes, avg rent in the area, etc...with a realtor.