Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookTo find out about an area go to IREM.org search for ARM certified property managers.

In order for it to pass appraisal, we had to have an electrician certify that it was safe.

Do you send it certified mail?

Some examples are:- Loan Origination fee- Bank Charge- Appraisal- Flood Certification- Mortgage Recording fee with county, etc.These all get combined and put under Loan Acq.Then the entry would look something like this (C for Credit, D for Debit):Building DLand DLoan Acq Costs DCounty Tax DSchool Tax DCity Tax DWater & sewage CChecking (Certified Check Fee) CChecking (Cash at Settlement) CMortgages Payable CEasnest Deposits CSec Dep Held CRental Income C

My building has lead paint and with fines for not using lead certified painters upwards of 30k the paint job tops 6k.A little dryrot in my bathroom turns into a major job and with a licensed and bonded contractor, 4k+.Add a few odds and ends and it adds up.While the 50% rule holds up, don't use that instead of some good estimating and planning upfront.I have owned this building for 20 yrs.

This notice should be delivered via certified mail or through service.

Would have pushed for a longer balloon for pay down and to mitigate risk.I have seen these owner finance deals work out and then some crash and burn.Hopefully before you close the seller is signing certified financial statements that have been independently audited and verified under penalty of perjury.

I met the owner and he is asking me $2,000 certified check in prior to closing out.

These two organizations certify PMs and usually these PMs are better as they are held to a higher standard. 

So if you have not received the rent for the current month so far, you have to post a pay or vacate sign at their door (and send a certified letter as well) If they don't pay after the accorded time (say 5 days) you can start the eviction.