Bob - I have five occupied padsplits under contract right now with Fernando Corona and have closed several with him this year.Normal DSCR brokers have issues getting this through underwriting - it's important to work with a broker / lender that fully understands how to get these to CTC.I'll PM you

Make sure any renovations comply with local regulations and obtain the necessary permits if plumbing changes are involved.

The agreement of forbearance or modification should have the borrowers knowledge that they are in default, that they understand that the lender is forgoing foreclosure at this time in exchange for the deed in lieu, and that the borrower is represented by legal counsel.  

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

It’s all about finding someone who understands your goals (buy-and-hold, flips, etc.) and knows the market inside out.

It's my understanding that the previous auditor only had the position for eight months, jacked everyone’s taxes up, and then resigned and passed away.

Valuing your time and understanding your limits and skills will make a big difference in the equity you build, the quality of the work and your sanity. 

We understand that tax complexities can be challenging, but our experience shows that many of these barriers can be overcome with a strong local team.

Some local lenders familiar with Gainesville’s market (from what I’ve read in Bloomberg) like SunState Federal Credit Union and Ameris Bank have been mentioned favorably latley and might be a bit more flexible if they understand the repositioning story behind your property.

We are experienced and have never involved anyone in our projects and have never used a loan outside of a conventional mortgage.