The house I'm renovating has subfloor wood rot extending to the joists in the kitchen and baths due to water leaks.

This is time and expense and needs to be done right so as not to have a roof leak.

Since we work with the clients to finance, we want our docs to be in line with what the lenders want to see.

HOA has had difficulties especially because the old 40 year old condo law it falls under limits increase in dues, with an older property like this plumbing issues started happening and they cannot get everyone to agree to sub metering the water which would cost the renters, not the owners,and reduce cost to HOA. but mainly sub-metering would allow for spotting water leaks quickly, avoiding the large problems that have driven insurance sky high for HOA, etc..

Customer service said there must be a huge water leak..

Now that's low, I agree - but on my first purchase - I'm more concerned about making sure to have a profit.The downsides of this condo I found out are:1) I have to get commercial financing b/c the condo is non-warrantable to investors b/c of the 70% investor base in the complex, though warrantable to primary and secondary home purchases by the GSE (but not FHA)2) I can probably get a 9% cap rate investing in multi-family in the area - but since I'm a first time buyer - those are at a much higher purchase price (more like $500K) - so I would be risking a lot moreI've found a loophole in the contract b/c the seller has not given me all the condo docs yet - so I can still terminate if I request it and .

Now that's low, I agree - but on my first purchase - I'm more concerned about making sure to have a profit.The downsides of this condo I found out are: 1) I have to get commercial financing b/c the condo is non-warrantable to investors b/c of the 70% investor base in the complex, though warrantable to primary and secondary home purchases by the GSE (but not FHA) 2) I can probably get a 9% cap rate investing in multi-family in the area - but since I'm a first time buyer - those are at a much higher purchase price (more like $500K) - so I would be risking a lot moreI've found a loophole in the contract b/c the seller has not given me all the condo docs yet - so I can still terminate if I request it and .

If there happens to be a water leak somewhere, be sure to get an "action" shot.

I created a google doc with it.....the link is down below.

Windows in showers are always a recipe for leaks and rot, problem is, some bathrooms just plain need them to let in light.