I've always cut the heat off too but with an upcoming vacancy and the 8 degree weather we're having, I've considered keeping the thermostat set to a temp just to make sure the pipes don't freeze.

The degree of difficulty is much higher than it needs to be, but part of the underlying agenda is to cut out equity financing and bring deals into a bank.So, while these new regs will be a PITA, they also provide a large financial gain in the system.BTW, I do understand your resistance and let's wait and see attitude since you don't have a mortgage broker's license, if I were you I'd hope it wouldn't be necessary too, but much of the two recent Acts are pretty clear, doesn't take a genius to read them and say "Oh Crap"!

Once you get it under contract, you can see more if you have an inspection clause.So asking for tenant information, leases, non-payment history prior to an offer is simply not a possibility at least in my experience.

I have always been one of those types of people who 'keep measuring but never cut' so to speak, so I'm resolved to not run my real estate business that way.

If it is simply bad management you can fix that.

Our plan is to do most of the rehab ourselves and with help from qualified friends which will help us cut some costs but exactly how much, we don't know yet.Thanks again!

If you cannot find a nearby small multis to compare to, look farther away but in similar neighborhoods.Another option is simply have investors go take a look and say what can you offer me for it?

Also, I've read on several lender sites that the checks would be cut to both myself and the contractor.

Some better lawyering might be to justify why lot rents might be more on one lot than another similar lot, location or view may not cut that in a park.

Being as they are my parents they would more than likely simply loan (no interest)/give me the money, but I want to approach it from a business standpoint A) to show them they would get better returns than just sitting in the bank and could be great supplemental income for retirement years and B) I'm not looking for a handout but truly trying to learn how to structure deals for private money in the future.That being said those of you who have partnered/joint venture would you be so kind as to share some of your different agreements?