Give them a call and see if they still exist.

.- The LLC, which has no credit history because it is new, gets a loan based purely on Mike's credit score and history, since Joe's is bad / non-existant.- The LLC is listed on the title- The LLC's partnership agreement essentially states that all income and expenses related to the property are Mike's responsibility.- "Income" includes all gross receipts generated by the property ($1,000 pm)- "Expenses" could then include mortgage and running costs ($800 pm) in addition to a $200 "management" expense (or similar) to Joe.- In effect, Mike's net Tax obligation would be zero (until the property was sold), and Joe would get an income of $200 per month.

I hate to get a property sold and then have to go back and tell my buyer that I can't get clear title or that its going to take a month or two to get it.In Texas, title insurance rates are regulated and are the same no matter what company you go to.Who pays for title insurance is customarily the seller but it varies from state to state.

Another is to borrow against the existing units to generate a downpayment for the apartment.

Nevertheless, I find it very troublesome the feds can push to modify existing, legal contracts because one of the partys is having problems.

Most tenants do even have a clue where the water shut-off valves are, let alone which vendor to call to clean up the mess.If the owner is attempting to handle the property themselves, how are they going to be able to respond from several hundeds of miles away, or have the relationship with the vendors to get a timely response.Good property managers can save owners a lot of money, and at the same time keep the existing tenants happy so that they will renew their lease.

The new North Carolina law, which goes into effect January 1st, essentially ends stated-income loan applications for state-regulated loans, applications where borrowers estimate their income and lenders usually don't check.

A seller can however sell personal items that exist in a home for a profit...

If none of these exist, and you can verify and qualify based on your income, you can get a loan with a 691 score!

also, how do you weigh the pros/cons of building new homes with the intent of selling them short term (<2 years) versus flipping existing homes with the same goal.