Your property is inspected and approved, based on local rents they will tell you what the place qualifies for, you can charge more, but the tenant can't pay more than 33% of gmi and yes, you don't have to rent to any applicant, you can reject applicants so long as you do so legally and fairly.

So in your opinion is this a good, fair or lousy deal??

While I have been involved in real estate since 2009 when I acquired my 1st investment property back in college, I still consider myself fairly new to real estate world as I am still learning so much.

Since I'm picking my team, it's only fair that you pick the charity.

The 3rd was with a different bank (Grand Bank/ICON) and the fee's were higher and appraisal was required but it too was fairly smooth.

There are many hard money lenders on this site who have spent years participating, communicating, answering questions, etc, with members.

I have never heard of that but if it is fairly common in your neck of the woods Im sure that definitely made you more comfortable.My concern would be that something could possibly happen to the home during renovation (fire, tornado, etc.) that would destroy the property and you would not be the named insured on the policy.

My understanding is basis is supposed to be the LESSER of one of the below items, minus value of land:* actual costs* fair market valueOr am I wrong on this?

Two came in fairly high and one came in way low.

When the place goes vacant for a few months, you need a new roof (usually right away and at the worse time) or if a tenant stops paying rent and you need to evict them, you're looking at a fair amount of money out of pocket.