Hey All, I've recently bought a property in Houston and had to file an insurance claim on it 2 week after I purchase the property.

Ellie - obtain the funds needed to acquire the property  from friend / relative ...pay seller the  cash ...have a private note set up between yourself and donor)   with specific  terms  for repayment ...make sure the  rate  agreed to is  a realistic  market type rate ) and also make sure that a formal lien is  filed for the loan  and also make sure you formally go into the title  .........I would suggest making a separate agreement / arrangement for the  funds  you are  borrowing for the  construction ...... 

As we do that, we go through this checklist: https://www.biggerpockets.com/files/user/kubaf/fil...After it's done, I can then re-watch the video over and over and use my favorite estimating tool to itemize the repairs.This is exactly the same thing that I do for my local flips, except I'm the one recording with my phone.That being said, the question becomes should you get into something like that. 

Also, 20% of federal taxes had to be withheld from the distribution, and Form 945 had to be filed by January 31 of the year following the distribution. 

Good luck on securing your first duplex!

If the property is owned by an LLC you can do a business search and at least figure out who filed the papers.

If the owner is looking for a 5 year balloon payment and you can't get it turned around, can't secure bank financing, etc. then what do you do? 

I thought the security deposit could only be held to mitigate damages. 

I think realtors can add it to their contract, but it would be up to you to file with the state.

I would be happy to get 6 months upfront provided they pay the 1st months and security deposit before moving in.