This is a document that uses the address in question and the FEMA flood maps and determines where the structure (note we can only insure structures not land) The reading will come back with a note that the property is in a Special Flood Hazard Area (SFHA) which are typically your A's and V's.An  Elevation Certificate (EC) is a document that a homeowner usually has to do and pay for and is typically used by the  FEMA/NFIP/Government policy (which has had a  50-year monopoly on flood insurance) The Elevation certificate is done by a FEMA approved Surveyor where they come out and get a bunch of measurements around your property (Elevation measurements) and put together the formal EC this cost anywhere from $600 - $1200 I always recommend my client shop the options and pit them against each other.

I know there are several ways to structure this.

Supply and demand rule price.

We wasted about 3 months finding and vetting our new contractor & getting a great architect for the major structural changes.Was this process a trial by fire?

If you have mulitple members or a complicated structure, I'd spend the money to have an attorney draft a specific agreement.

By the way these contracts are structured, they are incentivized to lease to bad tenants.

Hi @Minh Le,It totally depends how the purchase agreement was structured.

I don't have the funds to have an attorney look over them so I was hoping someone could supply me with contracts that  they use here in New Mexico.

Being grandfathered in condo communities that are tightening restrictions means you likely will be able to push rent in the coming years as demand for rentals meets with less supply. 

It's not just about purchase price there are many layers that go into structuring a deal.