As soon as the deal closed, I submitted in my application for the Philadelphia Business Privilege License (which was received online pretty much immediately) and then applied for the Rental License (AKA Housing Inspection license) for my rental property (apparently takes 4-6 weeks).

The sister will rent out the rooms to help and her cost of living will be close to none!

They selected a So Cal title company and a escrow company and said it's too late to change now since we are going to close on Monday.I am purchasing this house by cash, and I see they listed the lender's title insurance for $1650.

I am closing tomorrow on a property that I am purchasing for $60k and am getting a loan for $48k.  

I wonder how the closing process was completed when there was a lien on the property? 

So in this case if you closed the purchase with a DSCR loan, assuming a  Straight 5 Year PPP structure, On year one if you do a Cash Out, the DSCR lender will penalize you with 5% of the loan amount for paying off their loan early. 

I am out of state investing in the Cleveland market and I have a property I'm looking to close on!

In this particular example we put the deal under application underwriting to a HUD exit with a great execution bridge lender who we have closed with in the past.

I usually suggest new property owners setup a business before they even close on a property and then use a business credit card for all expenses moving forward and also for them to link it to Quickbooks so everything is automatically tracked for them.There are a lot of nuances and strategies but this is a 30,000 foot view of why you should opt for business>personal

I have a force placed insurance policy now in place to cover.This sale closed in early Feb 2024.