Right now, our "remote" team is only semi-remote as everyone lives in MA and does a few days to a week in the office once a month.So, if they approve me for out of state telecommuting, I'm moving to the Orlando area and will look for property there and if not, I'll most likely be looking in Worcester county or somewhere else in Massachusetts that isn't Boston (which I can't afford!).

Here is my current plan (with some follow up questions I need help with): I will go get pre-approved for an FHA loan, and begin looking for a Multi-family property (preferably 4, but possibly 3 units).

Cannot have a felonygo to the UPS store off Breckinridge Lane and get a FBI fingerprint card....get a $18 money order...mail in your money order and finger print card to the FBIwhen it returns in 6-8 weeks mail it in to the state commissionsign up for a class with an approved Pre License Providersit for examif this wont be your full time job then get on with a broker that does not charge for office space (approx $30 a month)take annual clasess to maintain license requirements.

You protect yourself by saying that the deal is contingent on an inspection or approval of partner.Then you have control.

As a matter of fact, I got him per-approved yesterday.Now searching begins.Best of luck to you.

I haven't gone through that before (1st flip sold to cash buyer).Do you go through Purchase & Sales Agreement before getting a Desktop Underwriter approval?

Technically, not notifying/seeking approval of change in ownership makes the loan in technical default if they checked, but I haven't heard of people coming to a problem with this, because it seems like most banks don't want to rock the boat as long as you are making your payments..

Then call 5 or so property managers and tell them that you are an out of state buyer, pre-approved for a mortgage, are shopping for properties and are going to need a property manager.

Its a great resource for REI.Unfortunately I don't know much about CAP rates, but what I do know that unless you are paying cash for said investment property, you will need to go get pre-approved for what you can afford.

As far as a clause to get out of contract, Subject to partners approval is one I put in contracts.