Hi all,I want to share a story about the importance of having working carbon monoxide and smoke/heat detectors in your rentals.

If not, my client will be forced to immediately file a motion with the court by placing a lis pendens against the property requesting specific performance of the sale.A couple of hours later seller's attorney rescinded the cancellation of the Contract. :)24 hours later, a listing agent congratulated me on getting this deal (yeah, right), and asked a favor to delay the closing date as the seller has no place to go yet.

Make sure you have smoke/CO2 detectors on all levels and by all rooms and kitchen.

Otherwise you are just going through the motion with no bang for its buck.   

Then you spend $1000 for a motion for relief and have to re open the FC and do it again...

One thing I'm noticing is appraisers are coming back low, I briefly listed this house at 270k and had interest, no way it was worth less than 250k based on comps.I've got a 2nd BRRRR in motion right now, numbers are a little tighter but I should be able to get 100% out.

My problem is that I went to Clerk of Courts office and the rep that I talked to said that I cannot initiate the motion/claim as the third party winner, not even asking for the check to be made out to Tax Collector.

You will need to make sure there are smoke detectors and a couple other minor inspections items.Of course, you need good walls, and a dry area so it isn't a wet mess...If you want details, give me a shout.

Again, this would be our first investment so we're just trying to go through the motions to see if this would even make sense.

While you won't find many good deals, and they won't always have all of the important details available, you can use the inputs in the marketing package to practice going through the motions.