Well, they are still booked out but after confirming with title, that shouldn't hold up the closing.

.- All assets are removed from your name which will normalize your FICO credit score-They will require quarterly updates on your books-5-10 year balloon is the norm but expect prepayment penalties- Lender holds 3 months of reserves Here was my breakdown when first exploring this: https://www.biggerpockets.com/...Properties 20+: PLAY WITH THE BIG BOYS:Flush with cash after the cash refinance and hopefully additional capital the number one priority is acquiring properties.

I just need help confirming the logistics: Jan. 1st: rent is dueJan. 5th: last day of grace periodJan. 6th: 3-day pay or vacate notice serviced and mailed??

Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified.

If the repairs are too much and you won't be able to rent out the property before your reserves ran out maybe you should think about selling.

The answers are quick but you must ask the right people, ask a lot of people then compare and confirm for yourself afterwards.

I can't speak to condition of a house, but I typically assume over a long term, you will need to reserve $400+ per month.  

(Assuming that this cashflow is after reserves) If not, I would set aside a reserve budget and then see what your actual cashflow is. 

We were looking to invest in fixer uppers to build cash reserves How did you find this deal and how did you negotiate it?

Thank you for confirming what I thought, Dave.