Jimmy, can you add some color on a few points regarding due diligence of this opportunity:* Why did the complex fail under prior ownership?

The biggest expense I tend to overlook when plannig a rehab is the hardware (nails, screws and bolts can get up there quick) and other necessry items like caulking and construction adhesive.

You can buy property in your own name and transfer it to an LLC later, but many don't like doing this because you just lost many of the advantages of having an LLC own the property, one being that person's name is now on public record as being the owner prior to the transfer to the LLC.

Prior to making an offer its always good to do all your due dilligence.

Opinions on the self adhesive vinyl planks?

In any event, you can always cite his prior record of trespassing on your property as the reason you don't want to rent to him.

Dietra Curvey - welcome to Bigger Pockets (that is an appropriate thing for everybody to post in this thread, since it is in the "intro" forum).After reading your post, I decided to look at your prior posts to see what you had posted, and whether there were any answers.

He paid a extermination company to get them out and that was completed however, the owner does not have the money to have the bat droppings cleaned out prior to selling the house.Anyone have an idea what this would cost?

As such agreements may be lawful, giving the buyer or optionee the percetion that they have the option to purchase as a true Option may present problems as it is possible for a buyer to acquire cash to purchase prior to the requirements being met.

Great story- we send an loan offer to them and make them sign it and give us a refundable deposit of $250.00 as a payment toward doc prep prior to inspection and final approval.