We're there at random times, no set schedule, so there would be no way to rent a room to someone that was to be there when we were not except by going the VRBO route.I'm OK going that route, and with that, there is no privacy or security issue since we would only VRBO the unit when we would not be there.My thought was, renting a room would be far less work, and the bonus being we wouldn't have concerns of a vacant house for extended periods.Going the route of just renting a room, the room we would rent is not a suite, it's an upstairs bedroom.  

As a bonus, rules #2 & 3 will effectively do your market timing for you, since deals tend to be more plentiful at market bottoms than they are market tops.

Finally worked, after w-2s, taxes, months of bank statements from every account, credit report, letters of intent, months of paystubs, p&i statements for llc, repeated inquiries about my full time jobs bonus structure, utter confusion over vested stock options, multiple statements from brokerage accounts, more paystubs from specific periods (to understand bonus vs option exercise).

What helped me, and continues to help me, is to sign up with some wholesalers.

This is a bonus to the lender You could explain or show the lender how to use split notes, or use them in connection with your investors how to leverage your and their position to acquire more real estate using the split notes as DP.Make sue you package your deal well withGood compsHolding periodEstimate time to profit PicturesContractors and their referencesAfter repair valueHow will you liquidate.

@Stephanie Irtoyou can only put 3% down for a FHA loan (which my property does not allow) so the minimum for a conventional loan is 5%.Quicken said that I could apply the "bonus" 2% grant to my down payment up to 10% (as long as i am making a down payment less than 10%.

Be sure to sign up for the weekly webinar they contain plenty of information for both the new and experienced real estate investorBefore moving to Florida I lived in Revere  and Kingston Mass Make it Happen Steve

Actually you forgot bonus depreciation as well. you need to not look at it in the way you are in terms of each room.

Family Partnership or Friendly Joint Venture - get a group of folks with a little cash to work with youSeller "RE-Fi" for Takeover - have seller refinance the property - take over his mortgage potential nothing down - do subject to or assume - you can do a delay settlement - seller can take interest and depreciation deduction while you have equity ownership.Always ask for seller financing - the following are some ideas of this subject --What you need to think of is how can the seller financing help you now and in the future -The best mortgage you can have with a seller is one with no interest - it is called a principal mortgage - all payments go to reduce the debtIt should be fully assumable without qualification - this will help you if you offer the property for sale in the future - built in financingThe interest rate - if you have to go there - should be as low as possible - so that when you sell in the future you can do a "wrap around mortgage" and make interest on money you oweYou should have a first right of refusal in the event mortgagee decides to sell it at a discount - you get first wack at it.You might want to consider a "Stutter Clause" this lets you miss one payment a yearthat mortgage should be a "subordinated mortgage" this lets you refinance and put the owner financing in second position.Put in an early pay off discount - so pay it off early and take a 10% discountU may want to make that owner financing a personal note - not a secured mortgage -- this way you can refinance immediate and walk with some cashYou could secure that mortgage on another property you own or a partners property - this frees up the equity to refinance and walk with cash (to be used to invest in other properties)You could ask for a delay in mortgage payments for a few months - gives you time to flip it without paymentsyou could ask for interest rate at "prime rate" this is what banks borrow atMaybe NO payments for 2 yearsAngel Investors - there lots of folks out there with money - show them how they can increase there interest by investing with you -or lending you money - offer them an "Equity Kicker" that is a bonus when you sell the property and pay them off - if you present right they'll love to give you $$Chattels for Equity - trade something you have or something you can buy on time to use as consideration.

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