The next morning water was gushing out from the connection and his entire hallway is flooded with water.He's in the process of communicating with the PM to try it get it fixed.Now the heart of the problem is, regardless of whether the PM can actually get someone in to fix the problem, the place is not entirely habitable as the carpets are all soaking wet.

(I'm a fairly newbie investor, still trying to learn/digest as much as I can about investing, so please bear with me if these are basic questions.)When you invest in a distant property, is it better to find a lender who is geographically closer to you (so it's presumably a quicker turnaround for you to communicate with them), or is it recommended to use one that is closer to the actual property/city/state (since they may be better calibrated to the local property values/appraisals/laws/etc.)?

I've been trying to communicate with other recent first time home buyers to learn from their experiences whether good or bad.

@Dawn Anastasi Exactly, open and honest communication for the win.

id like to say- I have perfect health and fitness- I have 10x relationship with family, friends and community- I have properties net gain of a minimum of 1 million a year- I have 1 million in checking 2 million in savings- I have a full service RE company Wholesale/ReBuild/Build/ManageMy why: - My why is simple: I want to be a philanthropist of love, wisdom and wealth to my family, friends and community.How I can Help you:- I am a carpenter and I know a little about workflow and construction projects and love to sweat whether physically or mentally - I feel I am a great manager, communicator, action taker and problem solverAll in all I hope this gives everyone a little understanding of my myself, my passion and my aspirations.Have a great day,JohnP.S. 

Just to clarify…what my dad and I do and what I was trying to communicate was this: 1)We buy a property cash and rehab it  2)We then find a tenant who agrees to buy the property in 3 years on a Rent to Own program (in this case we have a contract with the tenant-buyer already in place for $139,900, they are currently paying $900 a month) 3)What my post was trying to communicate is that we are looking for someone to buy the property for $118,500, if you get a conventional loan your monthly payments would be around $665 PITI or of course you could always pay cash.  4)Three years from now (at this point less than 3 years, more like 2 and a half) the tenant-buyer who is already in the house paying $900/month will purchase the house for $139,900 that the investor has purchased for $118,500.

@Chad UrbshottI wonder why it took CMHC so long to cry uncle ... perhaps they see the train the lenders have steered their way.I just received a communication from a lender this morning about an REO we purchased in April for $25K.  

Jason, taking most or all of a buyer's savings, with them not having reserves is another defined area of predatory lending.

If the property returns are higher than the interest rate of your loan, of course you get more cash each month, but it lowers your cash-on-cash return.Usually the argument that we hear for high downs or all cash purchases come from TIC (tenants in common) providers who stress asset protection over wealth creation.  

But they had great communication, they called often to let me know where we were at or what they were waiting on.