The fees were really what held up this deal. 

Part of me says "Josh this is a very dangerous neighborhood, and you know it."

., materials, labor, holding costs), and the net profit will be subject to both income tax and potentially self-employment tax.If you run lending as a business, then interest income changes to ordinary income.

Welcome to BP Jamie.Professional photos and drone footage will help to set you up for success!

If you want to know if it will affect their portion of rent, this is usually based on 30% of their income and Section 8 covers the rest.

Are there sensible steps I should be taking at this moment?

I already had a one month vacancy when this tenant moved in and my earlier tenant just walked away and broke the lease.

How do you feel about a $700k purchase price with a non owner occupied 4plex DSCR loan 3yr prepayment penalty, 10yr interest only 30yr fixed after$560k loan amount (20% down)7.750 par rate with no costs. monthly payment $3,616.66Or pay $22,295 in closing costs and get a 6.375% Monthly payment of $2,975The monthly payment difference between the two is $641.66And when you take $22,295 in closing costs and divide it by $641.66 that will give you 34.5 months (2.89 yrs) to break even if my math is correctHow do you guys feel about taking a lil less than 3 years to break even on $22,295And the seller is giving me $15,500 in seller concessions  thank you everybody for your help!!

Has anyone had experience with this and/or have any ideas on how to create a win-win situation?

The best thing to do would be to consult an attorney, but likely, that is not an option for everyone starting out.I'm not an attorney, and this is not legal advice, but some of the information that we include in our contracts is:- A clear scope of work - Payment schedule / Milestones- Change order approval process- Allowances for finished materials- Reasons to terminate the contract- Expectations for start date (X amount of time after final plans /permits are received or X amount of time after the contract is executed)- General schedule and timeline (This is where you could specify an end date - however it may be better use incentives rather than liquidated damage if your general contractor is late - we've done both, but found General Contractors respond better to getting something if they get done early instead of being punished for being late.