Your LTV is ~60%, but more importantly, it is your primary residence.

While you might not care about exactly what kinds of soil you have on the site, the most important thing is the water table, especially if you're planning to build a basement.

And most importantly, what type of document is needed to make the loan "official"?

But the homes down south of Chandler - totally different story - I would have lost my shirt.So bottom line, I found that if you buy in a ROBUST area that has demographic tailwinds (jobs, pop growth, income growth) and more importantly, at the right LOCATION, you will not lose money, as long as you are able to HOLD thru a downturn.

Job change, buying their own home, needing a bigger place because of a blessed event etc.A more important question is how long does it take to get a new quality tenant in?

Once the original purchase date reaches a 180 maturity, then none of this matters and the flipper can go ahead and make the sale as normal.This was important to me because I was in the process of setting up a flip/sale in a 45 day window.

It is important to keep a separate bank account for the LLC for legal purposes, but for tax purposes , taking money out is just considered a distribution to the shareholder (you).I agree with Natalie- if you don't need the money, I just wouldn't charge your rental property a management fee.If you do need the money, as long as your distribution does not decrease your basis below 0, then it shouldn't be taxable.

@Mark WilliamsThe valuation of commercial asset (which your 24 unit building is) is driven by the NOI of the asset, the building class, the cap rate for that asset class in the area where the building is located and thit is very different from the purchase and sale of residential properties for which the value is determined by the price other people paid for similar properties.it is important to look at the P&L statement for the building you are looking to purchase and verify that it accounts for the expenses and income to work out the true NOI.The NOI divided by the cap rate and divided by the number of units would give you the price you should expect to pay.That price per unit will vary depending on the class of asset it is.Class A commands the highest price per unit and the lowest cap rateClass D commands the lowest price per unit and the highest cap rateNot the precise answer you were expecting but hope it helps.

Word of cautionI agree with Rebecca and Mike both, however screening your tenants would be of great importance if you choose to invest in a "borderline" neighborhood.

Most important, what's the loan size you're looking for and the value of the property?