One point of clarification on the responses above, you do not need to actually draw the funds and put them in your bank account to show proof of funds.

Thanks for the clarification Chris.I only deal with REO's and everyone I work with refers to them as foreclosures.

I don't want to be stuck with a massive payment because I can't househack.Thank you in advance for your timeI would give the city a call and get clarification on the zoning before your option period is up.

John thought that we were going far enough into the weeds there that I should creat a new post.If you know any local or state laws that might blindside a real estate investor, post them here.To make this more useful for everyone, please begin each post with: Unconfirmed, Confirmed, Clarification or Sketchy (for something that you've heard something about but don't know details).

Thanks for the clarification guys.Name of the book is "Building Real Estate Wealth in a Changing Market" By John W.

Thanks for the clarification and advice

This unique investment program makes the opportunity of participating in high yield investing attainable to most people with a minimum capital to invest.

Attainable/Achieveable: Challenges you to capacity.

Therefore only 20% down on the purchase price + closing costs not rolled into the loan at close would come from the borrower.I would recommend getting clarification from the lender you intend to use.

And I am pretty familiar with the fact that commercial lenders have different guidelines, even though I have never crossed the line from residential to commercial yet.Thanks for the clarification on the defintion of a "portfolio loan."