I'm sure they account for how much of that money is 'really' hers and his, but the 'joint' status of the account allows them to get around the 'no gifts' requirement (btw this works for anyone, don't have to be spouses, obviously just gotta really trust each other). 

Albany has some of rust belt feel but is buffetted by proximity to NYC and State Capitol status. 

What's the status of the mortgage on these?

I still don't see why EVERY bird dog wouldn't upgrade their status to wholesaler.

Hi Dave,The topic is 2 years old which you might not have noticed.Closed at a 7 must have been urban core in a highly desirable area.I am seeing trade at a 9 here with no rent bumps in the primary term.For anyone wondering many tenants are credit tenants.There is a huge difference in that INVESTMENT GRADE tenants are BBB- or higher.The ones below that are considered junk status by many lenders which doesn't make them a bad investment just harder to get financing and more to put down.The dollar stores (there are 3 big brand companies nationally) with other smaller regional knock offs are okay as long as you are not buying in obscure rural locations.The fronts are usually brick facade and the sides are sheet metal.You second and third generational tenant will not have the same per sq ft sales they will leaving you with less of a re-rental return.Having said this I have seen some very nice all brick ones where the city required a certain architecture and look to approve the building permits and process.Those typically run 1 million in price to 1.2 versus the cheaper ones in rural areas at 500k to 800k.

My goal definitely isn't to end up with a property that needs a complete rehab, my goal is to get the note to performing status and collect a regular paycheck. 

The stipulations to receive these funds are as follows:Requirements - Landlords who receive relief funds through the HUD program must agree to the following fair renting terms for a period of 5 years: i. a rent freeze; ii. just-cause evictions; iii. mandatory documentation with any just-cause eviction; iv. no source of income discrimination; v. coordination with local housing authorities to make new vacancies eligible to voucher holders; vi. provision of 10 percent equity to tenants; and, vii. no admissions restrictions on the basis of: 1. sexual identity or orientation, 2. gender identity or expression, 3. conviction or arrest record, 4. credit history, or 5. immigration status. viii.

And as one poster noted, the flood zone is a moving target due to development so it is wise and prudent to evaluate (look annually) to see if you property's status has changed.

Hey @Jake Drappi it sounds like you have some good options and congratulations on being able to potentially meet the accredited investor status in the next year that is great.

Once we open escrow, the initial walkthrough we do includes confirming the number of spaces, the general condition of the utilities at each space, the status of the home on each space (POH, TOH, vacant, RV, etc.) and the condition of the rest of the park and amenities (roads, clubhouse, office, pool, etc).