I believe the LOI is a great method to capture a certain level of formality while serving as an ice breaker to start the conversation with the seller.  

I have verbally told my clients the information but I think I will use your list (with attribution) :):)My short verbal spiel would be 1) handy owner occupants don't need to cash flow or make money / profit and 2nd will you have a dumpster onsite the day of closing with day labor for the demo, know EXACTLY which electrician, plumber, flooring, cabinet guy, sheetrocker.....that you will use and when will they start, the PART NUMBERS for the cabinets, flooring, paint colors, doors, light fixtures.....

Check out client look and see if that works or not.

To quote Abraham Lincoln "He who represents himself has a fool for a client"

Also keep in mind that they are incentivized to sell the property at the highest price achievable for their client.

Hi,#1 - As others have stated, you can not charge late fees until after 30 days, so it is better to serve 14 days notice for non-payment on the 2nd of the month.#2 - You are right, you can do the 15th to the 14th, but it definitely mess up the timeline with other places.  

Through my own research of the insurance code, I have found that as a broker I need to give my client the Standard Broker Fee Agreement and Standard Broker Disclosure along with the applicable insurance pamphlets.

@Michele G.While I recommend NKY properties to my clients there is a lot of activity there and deals are harder to come by due to the smaller footprint compared to just north of the border in Cincinnati.  

Meeting a real person and evaluating your knowledge and expertise face to face goes a lot further than a black and white loan application.I also have a national broker that I work with that has several products that work well with my clients.

One of the strategies our clients use when they don't need the income right away and are in a position to buy multiple properties is to use alllll the cash flow to pay off each loan in turn, resulting in free and clear properties much more quickly and less total interest paid.