The subdivision goes from 150k to 1 million in price.If your friend owns other properties that are trophies I would definitely cross-collateralize some or all of his other properties and get a personal guarantee.

I personally have bought places and started rehab and then involved a bank before completion.

I don't like the idea of taking advantage of anyone, but personally if I found an opportunity like this I would understand the reality of the situation is that if you are able to make a favorable deal, so can anyone else in the market, so might as well strike first and be more reasonable during the turnover process so you can sleep well at night. 

I don't want anyone to feel like I am forcing out Step-dad, but it is a big house and the rent (and upkeep) are more than one person may want to handle.

Personally hammered every shingle on that new roof and painted the interior.

Just spoke to a property owner we met here on BP.Very nice person who's been DIY managing their double-digit doors after being burned by bad PMCs in the past.Wanted weekly in-depth updates, all rents deposited in their bank account - and then they would pay the PMC their fee, and expected the PMC to use their PM software.Pretty much looking for a go'fer person, NOT a PMC.We wished them good luck.

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.As a reminder, bonus depreciation will start to phase out in 2023.

*reminder if you are uncomfortable with anything up to this point you can back out and get your money back (most of it)(21-30days out)Step8: at This point you need to get back in touch with your lender and make sure they still have everything they need from you. don’t make any large purchases or open any new accounts or you could lose the home. (14-21 days out)Step 9: appraisal... not a lot will happen between the day inspections end & the appraisal.

By the end of September, I will have 25k saved up to use on a property (outside of my personal emergency fund of course).

I lost everything in 2008 during the recession.  13 homes all in the suburbs including my personal home in Royal Oak.