Worse yet the fee is not legally mandatory like taxes and filing fees but unquestionably entered on closing documents.

His son is a RE attorney that we plan on using for document review/ closings and both of them come highly recommended.With that said, I am going to look into this a little deeper.

Don't go by what the seller "thinks/remembers" look at the documents and recordings in the clerk of court, available online.

I've enjoyed reading other investor's deal diaries, so I thought I'd document our progress on this house, and would love to get advice from more seasoned investors along the way.Here are the details:Location: Munroe Falls, Oh (suburb of Akron); nice neighborhood with mix of owner occupants and renters (I'm guessing it would be considered a B-class neighborhood)Type: 1500 square foot single family home, 4 bed/2 bath, 2 car detached garagePurchase Price: $77k; seller paying $1.5k closing costsARV: $140k, after approx. $25k in repairs.

I am also having them read and sign off on documents from the CDC and the state Department of Public Health and Environment that give facts about mold and health.Luckily the reserves are in great shape.  

We can sometimes accept a 12-24 month history if the previous job was in the same field (say you were a public school piano teacher), but since you worked in a lumber yard, we would require 24 months minimum.

If difficult to find out what was paid for the property (not listed in the deed and sales history of assessor's site), divide the excise tax paid (which will be stamped on the deed) by the % the the town/city charges.  

Yes, they still carry a higher interest rate (5 - 8% 1st position, 8 - 14% in 2nd), but the interest rate would be even higher if we were to lend unsecured (which we don't).We use our own lending documents and the borrower is responsible for all origin and administration fees.  

If you don't occupy within 60 days, it's important to document why you were prevented. 

My History: I currently work for a corporation that specializes in Financial Software.