Starting off with people you know is step one, then meeting new people and then talking to them.What you should present to them is a history of previous deals, how their money is secured, cover all the "what if's", including the worst case scenarios, develop rules for your business, i.e. never place a lender in an LTV greater than X% and then follow those rules, explaining to the lender that these rules were put in place for their protection and security of their funds.Acquisition strategies, your team, and your exit strategy (along with alternate exit strategies) should also be covered.

It is our first MF property.We are not risk averse, and do seek alternate methods to complete a win-win deal.What are the bear traps to watch for?

I am considering this as an alternate way to get into a SFR in the area and acquiring rental property at the same time.

Your first clue might be found on a death certificate where the "informant" or next of kin is identified.Then your decision must be if you can coax the relative to get sufficient probate court powers and authority to sell you the property or alternatively, purchase the interest(s) of the heirs or bene's, step into their shoes, and take the fiduciary duties upon yourself and complete the probate yourself.

Please Seek Legal Professional AdviceSeeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative.

Partnerships happen when :1) You have the amount of money and/or expertise that an operator needs at the right time. 2) The terms are superior to the operators alternative sources of capital.

Any other legal advice is ILLEGAL and may be very incorrect.Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative.

Any other legal advice is ILLEGAL and may be very incorrect.Seeking advice from an attorney in the area where the property is located can be a wise and very economical decision considering the alternative.

If so find out how much it would cost to convert.Also you do NOT want to be paying for your tenant's heat, they should be paying for their own and can keep it as cold or warm as they chose.Depending on price range of neighborhood I'd also consider central air, very reasonable to install at same time.Another alternative is to install a heat pump, cheaper to operate that elctric baseboard and has central air.

Each person has their own personal expectations and needs.Some lenders are perfectly satisfied to beat CD rates at the bank, so offering 5% is like giving them a 500% raise in their income if they are getting 1% a year on a CD.Others have alternative choices where offering 10% isn't compelling to them.It is very difficult to put them in a one size fits all box.Interest rate in many cases is much less important than trust & confidence that their capital is safe & will be returned.Like the old saying "Return of capital is more important than return on capital".