I agree with @Natelya Glover in that the collections are not as important ( only because they do not show up on credit reports any more) but there are ways of checking for that and is still a negative against you.

Pay as agreed and hope they don't recheck employment verification.

Agree you don't need to open a commercial account to do this, just open a regular checking account and credit card, and only use them for the property.

I agree, sell both and reinvest in something better.

She agreed. 

Hello all,I am in process of making an offer on a SFH in Northern New Jersey but am struggling finalizing the offer.I want to offer 90% of appraised value with the seller holding a 30 year 6% note for me.What are some of the reasons that you have used to convince the seller to agree to finance the deal?

If you don't agree, please tell me the better calculation.

You'll essentially be a holdover tenant if you don't leave on the previously agreed upon date, so the reality is you could get into legal trouble because they could pursue an eviction and other monetary damages against you.

I know first every one will say to consult with a CPA and an Attorney first and I completely agree, and for sure will before taking any action, I would like to hear how some current investors have established their businesses, and any feedback is always appreciated.

IMHO, the housing authority is trying to bully you.I would lay out my argument to them, with comps, and be willing to tell them to pound sand if they can’t agree to a reasonable way to get you up to market rents.