I see where your at J Scott and the way you do it is smart.

Hey BP,

I currently live in the south suburbs of Chicago near Crete, IL and own a SFR in Steger, IL on the Will County side. My taxes are not horrible approximately $3,500 a year on a 1100 sq ft 3 bed two bath.

I u...

(using Trans Union My Smart Move and an application)Thanks

But the exemption requirements are re-stated in a few places in DF's text and I believe the LMLO is actually not "required" but in my view a smart service to use as well as sticking to 43% DTI or close to it.I know I deviated off this tread's focus of "servicing requirements", which sane lenders will now use one of the national servicers or should have been using a servicer all along.

For example, if you project utility expenses at $3,000 per month, but the actual utility costs are $2,500, your projections will appear better than if you had plugged in the $3,000 amount.Using a conservative approach when projecting vacancy rates on your pro forma is also a smart way to go.

A 10% reduction from the 207k price. 2008 saw about a 20% reduction so we'll assume the smart folks are correct and we'll only have a normal downturn.

Banks are smart and they know people won't stay in the loan for the full term.

thanksA smart real estate lawyer will refuse the work if you are pooling funds and claiming you do not need a SEC or state filing.

The E-Myth Revisited, Street Smarts (actually I am listening to the Audible book) and of course J Scott's 'The Book on Flipping Houses' :-)

Since you're a smart guy, you'll want to learn everything you can that will advance you to reach your objective(s).