Please be aware of any potential tenants who rush you to make a decision on their applications.

My short term goals are to flip numerous properties so I can move into more mid and long term goals of property management.

After reading a multitude of BP forums, member comments, articles, and listening to numerous podcasts - the wealth of info on BP truly is amazing - we've come to realize the route with the highest probability of success for us to invest out-of-state involves working with a seasoned partner, if possible.Thank you all for reading.

If someone new is moving in I would want something in writing signed by all my current tenants stating that this is ok with them, and I'd want a background check/application on the new person too.You may want to consider asking for more in rent if you are paying any utilities if you can.

HiI have an applicant who has bankruptcy filing (havent checked what stage it is in yet) and an income to rent ratio of 2.4.

Absolutely don't change that for an applicant that doesn't quite meet the standard.

Bottom line, yes, running around asking people to loan you money can be a security violation.Borrowing funds from someone you have a relationship with can be the exemption, soliciting from the public is a different matter.That's why I suggest you simply show your success and allow them to approach you, as they will, then go one on one, privately, no written materials for them to carry off thinking they have some representation, all they should get is the note and security agreement and perhaps disclosures applicable to what is to be done. :)

Apply, or authorize the application of, rents from such dwellings for the person’s own use.(2)?

From the IRS: The applicable percentage used to figure the ordinary income because of additional depreciation depends on whether the real property you disposed of is nonresidential real property, residential rental property, or low-income housing.

Sec. 5.061 provides that numerous initial and ongoing requirements must be observed if an executory contract is going to be properly implemented, and the burden (as well as all the risk of violation) is entirely on the seller to meet these.