On top of what she mentioned, they are going to look for a solid DSCR of 1.25+ on the property performance.

A sale contract sets obligations on both parties to perform, if a seller sold while under contract they could have legal consequences as the sale is between those two parties.If you do a sub-to, title passes so the owner can't sell again.A first right of refusal can be used as well and actually tie up a property better than an option contract.Need to study the types of interests held by owners and tenants and conveyances of those rights and these matters will become more clear.

Haha took a while to patch all the holes in the ceiling and walls.

Give yourself a little time to see how your first purchase is REALLY performing.

Once you have a few deals under your belt and know your market, you will know how a property should perform and wont need to look at the sellers tax returns anymore.

In that case they are performing ministerial acts.

My bad for not knowing the value or finding a broader range of buyers.Bought a non performing note for $5K, property had been abandoned by the borrowers and had squatters living in it.

At minimum, you need a good consultant to perform an asbestos and lead survey BEFORE any work is done, and that includes exploratory demolition.

The renovations I'm interested in are more than "paint & carpets" but will not include additions, foundation work, or other major work (hopefully).Essentially, my strategy is to perform medium-level difficulty work on a 2-4plex with the intention of staying in one unit and renting the others out.

The worst performing one is just under 2% now I believe.