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..

Do I need a lawyer to draft the rental contract?

I've called out 2 different contracts so far.

I have a house under contract.

Can possible sub divide lot.over 5,000 sqft all brickrehab estimate- exterior 40,000... interior 20,000 per unit x 4= 80,000Total Rehab $120,000Seller Asking PRICE $175,000Present mortgage $125,000 @ 7.2% 30 year term (was originally $152,000 in 2004)No second liens2 units are occupied (don't see how with all the deferred maintenance) and supposedly collecting rents $600 eachThey originally offered a "land contract" at $175,000City assessment- based on land and structure $203,000All units are metered separately- electricity, gas, water, trash etc...The good news....pro forma base upon what I know about that area.

Hey all, I am about to go under contract for my first multifamily property a 6 unit building in Union County, NJ.