Here is item 3 mentioned above1.Delivery of Property Information Items: Within 7 days after the effective date, Seller will deliver to the Buyer:a)copies of all current tenant applications and leases pertaining to the Property certified to be true and correct, including any modifications, supplements, or amendments to the leases (applications, leases, modifications, supplements and/or amendments to be made available to Buyer during regular business hours at the Property);b)current rent roll (showing lease rent, delinquencies, lease expiration and security deposits paid), certified by Seller to be true and correct;c)most recent 3 months bank deposits;d)a copy of Seller's income and expense statement for the Property for the last 36 months immediately preceding the effective date;e)copies of the Evidence of Insurance for all policies since the last renewal, including invoices, current policy, and copies of the last three years loss run from the insurance carriers for fire, hazard, liability and any other insurance policy that relates to the property;f)copies of all previous surveys, environmental assessments, geotechnical reports, studies, architectural, engineering feasibility studies, “as builts”, plats, or analyses made on or relating to the Property, including maps, plans and drawings;g)real and personal property tax statements and any appraisal notices for the Property for the previous 2 calendar years;h)copies of current capacity letters, and current utility bills from the property's water, sewer, gas electric, trash, phone and cable service providers for the past two years, or permission to access these accounts;i)copy of existing Property Management Agreement; a)payroll detail – 2012W-2s, YTD monthly, and most recent Y-T-D paystubs;b)a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property;c)copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing;d)copies of all current service, and maintenance, agreements relating to the ownership and operation of the Property; including but not limited to: Laundry Lease, Cable/Satellite, Electric, Phones, Leasing, Commission, Advertising or other;e)copies of all current warranties and guaranties relating to all or part of the Property;f)current and past capital expenditures for the past three years;g)copies of all work orders for repairs incurred by Seller for the Property in the 24 months immediately preceding the Adjusted Effective Date; (work orders to be made available to Buyer during regular business hours at the Property)

@Taylor Marvin I'd love to see your numbers that led you to draw the conclusion that you should always pay cash for depreciating assets (i.e. a car).

Alright, well I have 2 homes that I want to put under contract as the owner has given me the terms he want and I want to shoot this out to buyers but I'm not quite sure if I have it structured right.CURRENT OWNER PROPERTY CASHFLOW (MONTHLY)$1,600 Gross$400 Taxes$120 Insurance$200 Maintenance/Vacancy Expense Budget$880 Net per month (While keeping back unit renter as a universal handyman for free labor while he gets free rent)POTENTIAL CASHFLOW [(MONTHLY) INCLUDING RENTING BACK UNIT]$2,000 Gross$400 Taxes (2,400 a year per home divided by 12 months)$120 Insurance$200 Maintenance/Vacancy Expense Budget$1,280 Net per monthPROPERTY SALE $72,000 Sale Price$30,000 Total Down Payment$5,000 Assignment Fee to Calai Investments$42,000 Mortgage on both propertiesUltimately the owner wants to sell both homes all cash for 66k.

LOLThe simplest guess is from the CAP rate, I guess he can't divide. :)

I am no expert, but if you sit on the sidelines waiting for the perfect time, you will be still be waiting when it comes time to draw your social security check.  

If the borrower requests mediation or attempts to defend, the process may draw out more.  

We have 3-ring binder notebooks with pocket dividers for records such as Banking, Credit Cards, Mortgage, Insurance.

I'm looking for dividable land in N.E.

I would like to welcome you Lara to BP a place that has a wealth of knowledge for you to draw from and a very nice community of like minded individuals as well.I believe your aunt guided you in the right direction and now is a excellent time to be in this industry.  

Those are called "draws".