People who ride the line making a buck at all costs have crashed and burned later on.The banks want an EMD.There are too many other buyers that will put skin in the game where you are not willing to.If you don't have an EMD you waste my time and when your buyer can't perform not only is time lost but also the loss of real buyers who could purchase the property.We usually have a fail safe where an assignment is allowed into the buyers corporation with the sellers written approval when the request is submitted in writing.This does not absolve the buyer of any responsibilities.I personally do not believe a party should enter into a contract to wholesale unless it is fully disclosed and the seller agrees AND the original buyer has something to lose if they can't perform.Having a bunch of wholesalers with no skin in the game junking up the system and properties for legitimate investors is a waste of time for everybody.My sellers often make buyers put up high earnest money that is non-refundable.If a wholesaler has nothing to lose they will just throw in any buyer just to see what happens.I a wholesaler isn't able to put skin into the game then I instruct my seller it would be wise to wait for a more legitimate buyer to come along then tie up their property.

Just purchased my home a modest ranch style, my question is , how do I go about buying a rental property I have 5k to invest into the purchase with a credit score of @ 668 I have no experience so detailed instructions would really help.

Also, with AirBNB specifically, when I inquired about this they instructed me to include verbiage in my listing in the vein of: NO ANIMALS of any kind are allowed.

So despite the lower fee, Vacasa ends up keeping more of your money due to hidden fees.

@Cody L.Thank you for the detailed instruction, Cody!

My thesis advisor instructed me to strengthen my results with some data validation.The link is to a 2-minute survey about lead conversion for online lenders.

I would also have instructions to the seller prohibiting extending existing terms or filling any vacant units.

The cost to get into the property would probably be higher closing costs than you have here as it is based on credit, PMI prepaid rate, hidden loan fees, origination, rate paydown fees, etc.

Follow the printed instructions on the packaging.

Here is what I have so far:At any time before, during, after investment:I or any of my team unexpectedly dies, becomes seriously ill, or injuredAn impassable disagreement occurs between any 2 parties of the investment teamA member of the investment team fails(for any reason) to uphold their agreementBefore purchase:Incorrect property valuationInability to secure financing after earnestDuring Financing and purchase:Loan executor fails to follow through with the loan.Loan executor misleads or baits me with incorrect terms and conditionsSeller withdraws contractSeller tries to renegotiate contractSeller withdraws agreement to carry loanTitle issuesDuring rehabilitation:Cost overrun - If the cost to complete a rehab exceeds the estimated cost budgeted.Time overrun - If the allotted time to complete a rehab is exceededUnforseen issues - if issues arise due to unknown/hidden problems, termite damage, mold, etcProblematic Contractors - Contractors that want to increase the bid midway through the job, fail to pay their employees, don’t show up when scheduled, fail to consistently clean, low or no skill, do poor work, fail to carry proper insurance, do not use agreed upon materials and/or finishes, use the “you can’t see it from my house” methodology, dress and/or act not in accordance with accepted job site standards, live or sleep at the job site, steal materials, supplies, and/or tools, attempt to undermine my relationship with my real estate team including agents, investors, other contractors, clients or potential clients, places lien or sues, dies or is seriously injured during project, experiences major life event that prevents or hinders their ability to continue, contractor or their employee dies or is seriously injured on the property, gets OSHA or other governing body violation(s)Code Violations - Red flagged for failing to obtain proper building and/or work permits prior to beginning project, overgrown vegetation, etcProblems Specific to Rental Properties:Tenant does not pay rent or pays lateTenant does not pay utilities/trash serviceTenant causes damage to propertyTenant does not take care of maintenance and/or cleaning of propertyTenant smokes or has pets when these things are not allowedTenant makes unauthorized changes to the property, ie painting walls, removing landscaping.Tenant allows others to move in without adding them to the leaseTenant misused the property, ie drug lab, melting plastic in the oven, spray paint graffiti on shed, parks in unauthorized zones such as the grassSomeone injures themself while on propertyHouse fire, floods, other natural disasterMajor maintenance issues such as roof replacement, appliance malfunction, plumbing leak, etcTenant violates city code, ie noise ordinances, trash and debris in yard, etcUnavoidable costs such as normal wear and tear include failing appliances, scratched/scuffed wood floors, dirty paint, worn carpet, etc.After rehab:Property does not appraise and/or sell/rent for expected ARVInterest rates go higher than expectedProperty tax increaseStricter laws are put in place that prevent finance/refinanceThis is all that I could come up with.