If it says "arm's length transaction" then someone actually bought the property with their trust rather than already owning the property and transferring it into the trust.

It could also be that the basement wouldn't have the proper means of egress, as you alluded to, which is also often the case.The city's main concern is safety, both fire and CO, since so many landlords do try to have illegal basement units.

Inspectors, at their discretion, may disclose observed immediate safety hazards to occupants exposed to such hazards, when feasible.”And so if the Inspector did not abide by the Code of Ethics his behaviour could be construed as unethical.

Term can be structured to 5/1, 7/1, or 10/1 hybrid arm, either fully amortizing or interest only. 30 year fixed is also an option.Properties need to meet a 1.20x debt service requirement (gross rent income/pitia), no personal income requirements, close in an LLC.

We’re in such a seller’s market right now that buyers don’t have much leverage with inspection items unfortunately, so I’m recommending buyers only ask for health and safety items for the most part, or anything expensive that alters the viability of the deal materially as an investment of course.

As you would imagine, a tenant can still be evicted from their residence if they engage in any criminal activity on the premises, are found to be threatening the health or safety of other tenants, being in violation of any health ordinance or building code, or posing an immediate and significant risk or damage to the property.

@Jason Arms I've surprisingly struck up a few conversations at the gym.

But this won't be the same for all markets its just a safety thing I keep an eye on. 

The commercial option they gave me was for an ARM which is the reason I'm doing the refi is to get out of an ARM.Jeffrey, my NY attorney thought I could do that but his concern was the bank calling in the note.

@Mauricio A.Hey Mauricio,In my experience- going and finding an off the shelf contractor to take your calls, perform work to your standards, get things done on time, and not charge you an arm and a leg is unlikely.