I have found a contractor I trust should any repairs be needed, secured a cheap month-to-month rental in the area I will be looking for when I start my search in April 2024, and am in the process of interviewing lenders recommended by BP and friends who own property in the area.

Should I get an attorney to write a contract?

It's not uncommon for sellers to stick to their original asking price, especially if they see the value in a straightforward and faster sale process without the additional fees that come with broker involvement.

Hi Shannon, I don't have a recommendation but I will say that the small claims court process is very simple to do yourself, and the court staff is usually very willing to help out.

If you decide to let your roommates know that you are the landlord, I would also recommend handling the leasing process instead of using an agent to be very clear up front that you are the landlord and roommate of the prospective applicants. 

Hello BPs, I am in process of closing an investment property.

DSCR REFI qoute loan amount: 112,000rate: 8.99points fees and cost: 11,576cash out value: 16,424Bridge loan. 84,000 interest only 12 months at 11.99% property will rent for 2000 at a 1.76 DSCR score. thank youThe low loan amount is driving some of the cost and limits the lenders that will take it, but we just closed a similar loan (94K) and the total fees were:3 points or $2,820 to US Commercial-no additional fees like processing etc... came to us.Lender's underwriting fee $1,395Lender also charged interest reserves for $2,820Appraisal to a third party $550Credit report to a third party $45Hazard insurance for $1,733Escrow for taxes and insurance (just 3 months were required) $687.98Title charges equaled $2,702.75 which included a the government recording charges and a mobile notaryAll of those total up to $12,753.73. 

I rehabbed a home and was caught without building permit I went through the process of getting a permit but my original plan needed a variance after the process and being denied the variance at the board meeting I decided to change the plans to build the structure in the same footprint and received two building permits.

This is particularly important if the buyer plans to change the property's use or develop it further.HOA (Homeowners Association) Documents: If the property is part of a homeowners association, include the HOA documents, fees, and any restrictions.Right of First Refusal or Buyback Clauses: These clauses can be beneficial in certain scenarios, allowing either the buyer to sell the property back to the seller under specific conditions or the seller to have the first opportunity to buy back the property if the buyer decides to sell.Amendment or Modification Clause: This clause allows for changes to the agreement, should both parties agree, to accommodate unforeseen circumstances or adjustments in terms.Record Keeping and Escrow Services for Document and Payment Handling: Ensure there's a clear plan for how documents will be stored and how payments will be processed and recorded.

Has anyone here been in a similar situation or have insights into the process?