If you do proceed, I would recommend to 1) lawyer up so your investor is best protected in whatever arrangement you decide to create, 2) walk the site and speak to planning to confirm that your strategy is sound, 3) work with Sirkin or G3MH to draft a TIC agreement that favors the agreed upon strategy and lastly 4) Purchase more than a majority % to have more control.

But, I wasn’t sure if banks tend to favor one scenario over the other. 

But, I wasn’t sure if banks tend to favor one scenario over the other. 

I wanted to ask for 2 months security deposit  to help protect against something like this happening again and was wondering what other residential landlords are doing in California given the laws favoring the tenant.

The other Realtor will love you since they will double end the deal and get the full commission (don't expect them to give you any favors, though, since they still work for the seller).Good luck with your deal.

Will have the opportunity to go over next week and look at the house and meet him and the sister in person.I've learned my lesson, putting together a phone call checklist right now, but honestly, I think that not having a script or a checklist worked in my favor in this situation.

Do yourself a favor and do a search on AirBnb to see what properties are available in that market and what price they command. 

It is quite difficult to assess what you should do without knowing your goals, so I'd recommend getting as overarching about that as possible, and then getting granular.It seems like you might have a favorable tax-basis situation with the NYC home (obviously verify all of this with the right competent professionals . . . i.e. not me). 

The core Personal Consumption Expenditures price index (better known as the “PCE index”), the inflation indicator favored by the Fed, will come out on Friday (6/26).Calendar:Monday, 6/22: Existing Home SalesTuesday, 6/23: New Home salesFriday, 6/26: Core PCEWeekly Change:10-year Treasury: flat 0.00Dow Jones: rose 600 pointsNASDAQ: rose 400 points

I believe i was listening to the podcast and there was an advertisement with a website that had homes ready to be sold, already rehabbed and they were still selling with very favorable ROI.