Can I hire a business who sub contracts with my son, if my son is not married or related to the owner?

Hello BP- in the past year i have aquired a 2 family and am in contract on a 4-5 family, both in NJ.

I have not done a full analysis of each rental to see what the deferred maintenance is as I figured that would be after I am in contract with the seller.One item that concerns me is that I am coming up with an actual expense ratio of 55-60% instead of following closer to the 50% rule.

Lesson learned is to NEVER take anyone's word & ALWAYS have a signed contract (that you agree with), and follow it!

. $7500 in back taxes could be just the beginning of the problems.Signing a contract with someone who doesn't own the property doesn't give you an equitable interest.

They will need to see the last few years tax returns, bank statements for the last 6-12 months, pay statement, and probably have you fill out a personal financial statement showing assets and liabilities.You don't want to wait until you have something under contract to do this.

I always put in the contract to require the last 12 months of board minutes.

@Bob McGhee I agree whole heartedly...had several sellers who wanted large amounts and a few months following some were in foreclosure or short sale...

I️ have a property under contract for a flip and the seller agrees to “cooperate in the necessary steps to assigning the mortgage,” my attorney emailed me late last night so I️ wanted to have a few questions answered before I️ spoke with him again.

sure you can back out you just lose your 2500 bidders fee and if the EM is non refundable in the contract you lose that as well.Auction . com is not a site you can play the wholesale assignment game very well at.you MUST close in the name of the entity you made the bid in.. you must have proof of funds in that companies name etc etc..