Your investment is at the mercy of the association and its Board of Directors.Some associations welcome investors and are renter friendly and others despite the governing documents permitting rentals are not rental friendly at all, which leads me to my next point.In addition to the REI due diligence you're already doing for the area, the property, rent etc. another very important aspects of this purchase are the governing documents.I would advise anyone who is considering purchasing a townhouse within an association to carefully read the governing documents before making an offer on the home.

He withdrew after we filed our answer in which we included among other things documentation alleging fraud against him.This is all the information i have so far on the case, if anybody can give me advice on how to handle this legal issue.Jeremiah Gutierrez

The actual rule here concerning Student loans is "if the payment used for the monthly obligation is less than 1 percent of the outstanding balance report on the credit report and/or less than the monthly payment reported on the credit report then the mortgagee must obtain written documentation of the actual monthly payment, the payment status, and evidence of the outstanding balance and terms from the creditor."

What documentation will I need to provide to my CPA for this transaction?

He said in New York, sellers/brokers don't provide those documents until there is proof of funds or proof that the buyer has done one or more deals in New York City.

First step would be to gather all documents and seek death certificate, which will be needed to have the discussion with any of the financial institutions involved.

Property 5 The initial term of this Straight Note Agreement shall be for the term of Six Months (6) (the “Initial Term”) commencing on the date this Promissory Note Agreement is executed by authorized officers of XXX, LLC and Lender (individual name)Borrower shall have the right to prepay all (but not a portion) of the indebtedness evidenced by this Note at any time, by paying the Lender an amount equal to the sum of (I) the principal balance then outstanding and (ii) all interest accrued to the date of such prepayment.Lender and Borrower intend that the relationship created and evidenced by this Note and the Loan Documents shall be solely that of debtor and creditor.

Instead keep the documentation that you addressed this repair issue, again, if needed sometime down the road.Gail

Wrap the whole thing up in an LLC and you are fine... just make sure that you document EXACTLY how this LLC will dissolve, and what will happen if one partner wants to get out...

As long as you have all the receipts and documentation to support your claims I would simply move to evict this tenant if you have grounds otherwise wait to non renew his lease.