The open permit creates a cloud on your title and a new lender will not lend on the property until their chain is clear.

Once the money clears, the keys are given (plus some states have a 3 day right of rescission period as well).

It is not clear whether your HELCO has a balance or not.

What ever process you decide, it would be beneficial to you to 1) define the tenant screening process 2) stick to the process 3) have a clear policy as to why you turn down applicants 4) have your policies and processes in writing.

I don't know if contract language is necessary, but you can refuse to close until everything (including tenants) is gone and make this very clear when contract is signed.

I've been assuming that since we are only buying the building and not the corporation that we are in the clear but our lender is nervous.

I figure I could be hiring this stuff out and clearing that much on 2 or 3 of them in the same amount of time.Don

forum_id=92&page=2It became clear he wasn't including vacancy or maintenance costs into the equation:Chris posted Cost - including $16,000 in completed renovation $74,900 25% down payment $18,725 Financed amount $56,175AssumptionsFinanced at 5.25% for 360 months $310 Taxes - City & County $137 Insurance $ 25 Property Management $ 74Monthly costs for the property are $546.We estimated the property would rent for $825 and that is the number we used in calculations.

Okay so I move a new tenant into a unit.They call the next day and say the tubs are not draining well.We go and inspect and the tubs are slow draining.We put drain-o and others down the line and it does nothing.Then we call our plumber and he snakes the line.The problem is someone put in a T line from the 2 tubs instead of a Y line so the line is clear from tub to tub but the snake cannot turn a corner to go further into the pipe.So the plumber suggest we use CLOBBER from a specialty store which is straight concentrated sulfuric acid.This does not clear the line.Plumber comes out and then installs a Y line fixing the T-line.Puts a camera down the line from the kitchen which is downstairs and the bath plumbing is in the ceiling.He sees a drink cap and what looks like a bottle but can't tell.We are thinking from a roof put on years ago a roofer dropped a drink down the plumbing vent and it is stuck.So the plumber opens up the wall above the kitchen sink and VOILA the problem is found!

If you are looking for investment property you should look for a realtor who does a lot of it or one who is new and does not care about waiting for a SS to clear.