If you use private money, remember that they are probably more sophisticated than you and you can get taken advantage of very easily.

You could just make it simple and collect rent to offset your cost of owning and not file all the extraneous baloney, then convert the whole property to business rental when you move on.

rentals aren’t safe , If you want safety your Much better off collecting dale Earnhardt memorabilia for your retirement . 

Good Evening,Everyone's advice is spot on however one mention of an item I would look at if everything else is looking great on the offer is the inspection period to get the time to take this look.1) Ask if he has the P&L on hand along with other documents if you go under contract.2) If he has done his homework and collected everything to move expeditiously then I would have the deposit made within a 3 day timer after LOI negotiations (he may request it to accompany which is fine since you can request back).

To successfully sue the contractor, you’d likely need to prove that he breached the contract and that you suffered actual damages.Sounds like that’d be pretty difficult from what you posted, but even if you did win you’d still have to collect.

A tenant can sue in court and win back moneyincorrectly collected by the landlord, with interest, and his reasonable attorney’s fees.36 If the lease isin writing, then any rent increase can only begin after the lease term expires.§ 14. 9.

I gave my tenant a notice of non renewal and to leave at the end of the month after I collected rent.

My buyer is in need of mitigating his medical collections payment, and I remembered hearing on a BP Podcast that “just paying it off” once it hits collections is the worst thing you can do.

It sounds like the seller has some sophistication and he’s also represented by a broker.

If you have bad credit - and are just letting it hang out there in collections - then not so much.