Hi Emilio,I wasn't sure at first but I've read through the statutes several times now as well as called the MN dept of Commerce to verify.

We put everthing on halt last week because it didnt make sense to to do appraisals etc before we got an extension.Any ideas how to get this taken care of.

You'll need to qualify, the new value will need to be verified, and you'll have to substantiate the reparis.

The difference between the 100k he bought it for and the 200k he sold it for are not subject to seasoning issues as the new lender has sent out their certified appraiser who has checked comps for move in ready updated inventory and verified this is what the property is currently worth.

*Obtain Comps*Obtain Rental quotes*Initially estimate rehab and have contractor verify numbers if I get the deal under contract.

I believe this is the point of having the LLC, so there is asset protection as well as an easy way of keeping business from personal.I know you don't have to start an LLC to to keep everything seperate.I just got confused on the whole idea, I have just done research on this after research and I think I may have just over search and learned to many different ways to do it.Thanks for the answer about each LLC needing its own Tax ID number.I am wanting to have multiple LLC's with properties in them.Thanks for your answer

Originally posted by Dan W:I did push back a bit saying the company check should suffice until we have a signed contract but the listing agent insisted that the bank wouldn't review my offer unless they had a certified check in hand.Hmmm...if I were you, I'd verify with your Real Estate Commission that this is a legal and ethical practice.

I just did not want to make a statement I had not verified yet.

Alex, also check out John $cash$ locke http://www.cashnowusa.com/ I haven't personally paid for his system, but all I hear is great things about it, that guy has done over 500 verifiable Sub2's.

Desperate, if you are offered mentorship here you may want to verify if the mentor has closed these type of transactions.