Purchase price: $189,000 Cash invested: $90,000 Sale price: $375,000 Our first flip.

Electric company is willing to stop my service but they can’t do anything if tenant starts a service in their name for Aug. they use about 2-300$ per month in electricity.

Leave it to the experts is my recommendation on drafting all the documents after the terms are agreed too.

Town discovers the addition after you buy it, such as during a rental inspection.#1 Will impact your transaction progress as Seller might not be able to get a U&O without resolving the issue.

It did have a first mortgage of theirs open on it, which they have not made payments on since ~2014, just 6 years after the house was built.

As part of the renovation, all of these were remedied however the violations were not cleared as I suspect the renos were done without the full permitting.The purchase agreement had a requirement to clear the violations prior to sale but the Seller and I agreed a fairly substantial seller credit to clear the violations as it was recognized there were risks around the renovation work and potential non compliance with permits that I may have to remedy.

Are the properties being looked after and cleaned properly?

Do not pay 10k to a lawyer to set this up, if you want, you can set up the WY LLC for free on bizee.com but would also need a "Registered Agent" aka RA which is $25-$35 annually with 3rd party companies after the 1st yr free with Bizee.

.- thanks ...try reaching out to the local small to mid size  credit unions and banks in NJ ...contact the bank you  have your checking / savings with ...contact the lender that services your 1st mortgage for options .....regarding deprication - are you asking about the depriciation on the  primary home ( subject property ) being added in or  for the depriation from another property ?

If I don't hear from them (or if I intend to non-renew their lease) I send them a 30 day notice to quit when we're 30 days out from the lease termination date.I state in the lease that I'm allowed to post "For Rent" or "For Sale" signs on the property and / or post "For Rent" signs in the window of the unit which is to be vacated, and further state that the tenant agrees to showings of the property with a 24 hour notice.