There is nothing set aside as a cushion for when life happens.

Once they have accepted our offer: they can set the mortgage payment up to be serviced through the escrow company so the seller knows the mortgage is being paid on time.If they have a Home Equity Line of Credit (HELOC) it will need to be paid off through escrow when selling Subject To The Existing Mortgage.All that’s left to do is to sign the contract and and we the investors will walk them through the rest.

In order to avoid discrimination you should have a set of minimum qualification standards for all applicants.

He didn't state how their company could help you get large unsecured lines of credit on the podcast, so I set up a call with them to find out more info.When I finally spoke with someone and found out their magic formula was me opening up a bunch of credit cards, I had to laugh.  

I am currently reaching out to property managers and builders and real estate agents in the area to set up meetings to talk about options and related costs.

Assuming that you did not set up a tent for yourself (or any of the partners) and lived there, I'd say the vacant land qualifies.Reminder: I am not an attorney.

If the partnership is set up using an LLC then the LLC would issue K-1's based on the ownership percentages and it includes guaranteed payments to partners for loans. 

But err on the side of too much money set aside for repairs.  

Your left with $11,800 of which you can set aside for vacancy plus maintenance and cap-ex.

Although, I have set expectation and train tenants, this one is just too much trouble that doesn't allow me to do my job.