I would terminate his lease immediately based on the lease violations.

One of those loopholes that lets you kind of hack your way into a REI portfolio if you play your cards correct.

@Bob Stevensgood points, I was just saying that for this poster - who is based in NY - these properties look 'low priced' because they need big rehabs. 

The number usually varies from 10-20% depending on credit score, property analysis, etc.Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.Once the property is ready you can sell it or if you want to keep the property as a long term investment, you can underwrite the loan based on your income /debt to income (DTI) ratios or you can go the DSCR route where the loan is underwritten based on the actual or market rents from the appraisal.DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

. - Multiple unrelated fund mangers with deep experience (so one can't get hit by a bus)- Lends at conservative LTVs, stage-gates release of funds based on project milestones.- All loans are in first position, with senior rights.- Lends only to experienced borrowers- Has good liquidity - 1 year lockup or lessThe problem is that no fund meets all of these criteria.

The payment they make goes toward November and next one December…Now as the lender you can also say “we are only accepting full reinstatement” which is November through April and if they send money you can send it back or hold in escrowThis is why a servicer and attorney come into play because I have seen people go to foreclose and prior to foreclosure accept one payment and in that state you cannot then foreclose.

My leases tend to be sticky with tenants remaining for a few years without much trouble absorbing my vacancies so that plays into my decision as well. 

Determining whether the venture falls under a service or rental business hinges on the provision of substantial services; for instance, if a bed and breakfast service is offered, it must be reported on Schedule C, triggering a 15.3% self-employment tax.Moreover, personal use plays a crucial role in the classification of the property.

You can continue deducting mortgage interest and depreciation if the property is owned by an LLC.If the LLC is multi-member, your share will be based on what the LLC agreement says.

@Seth KristianNot an attorney but fractional reserve lending has been challenged in the past as have mortgagesIn most cases unjust enrichment can come into play when it’s disputed but if you did not receive the $, you cannot say you don’t owe it back.If you want a crazier case read greenleaf case in MaineThat one is actually case law (this one Daly had it overturned).Free homes in Maine forMany if they knew about it.