Ky If I remember correctly you are buying a 100 unit in the Carolinas from another post you made.Your attorney who might be well versed in contracts will not have the knowledge that a commercial broker has unless possible they are an investor themselves.Doing contracts is one thing but being in trenches transacting deals is quite another.Is this property currently vacant, 50% occupied, or 100% occupied.

Glad you are back at it.If you are taking on an investor/partner, then you want to structure the LLC with the correct operating agreement.

It appears the breaker is working correctly, a space heather pulls 12.5 amps alone.I would check it with a amp meter without the heater/blow dryer then turn it on and see the max amps.

Dana is correct, Fannie, Freddie, USDA, FHA and VA will assume to be QM following those respective guidelines.Ratios can still go to 50% with compensating factors and there are exemptions for regulated lenders where the assumption will be made that a mortgage falls in the QM guidelines or they may originate a high risk mortgage with limiting loan conditions.

I was told that there are crucial elements of investigating a property before even attempting to buy it. What is all the pertinent information I must know before I purchase any property? I know that I will need a t...

Matt, yes you are correct.

I have a couple questions:When I went to purchase a rental property my mortgage banker told me I had to use a commercial loan if it was going to be an investment property...is this correct?

@Gavin Welch is correct.

Renovating/rehabbing one or a house for decent cash flow will be at least $150K+ (someone please correct me if I'm wrong).You can try Hamilton, Barrie or Orangeville, but you have to study and know those markets (war zones etc.) or get an agent to assist you.Just my 2 cents.

Too much drama.In my opinion, real estate has not finished its correction here in the US.