2) According to Insurevent “If your (Independent Contractors) don’t have Workers Compensation Insurance or WC you may be responsible to their injuries.

My website also has some services that may be of interest to you.

Another important factor is what bank services the loan(some require submittals through Equator) who owns the loans, is it Freddie, Fannie, FHA, does the investor participate in HAFA, etc.

Adam, Thank you for your service to our country!

There are investors that do this kind of thing with HUD homes as well.They sign paperwork at closing that they are occupying the property.Another component of this is fraud to a lender on a loan if you say you will be living there.The reason is lenders give certain rates to owner occupants because statistically you will fight much harder to keep a place you live in.If it's just a bad investment it is easier to walk away hence a higher rate and more down.This property from what you said is 2,400 X 12 = 28,800By half is 144,000 at a 10 cap based on 50% costs.The carpet and paint the bank put lipstick on it it appeal to a home buyer living in one unit and driving the price up.On a quad typically you could expect about 8,000 for the siding,4,000 for the roof,6,000 for 4 outside A/C units,if interior bathrooms and kitchens are outdated about 4,500 by 4 units is 18,000,then water heater and heater about another 6,000 total.So conservatively I have about 42,000 in immediate CAPEX.Every areas cost is different so I am just throwing mine out there.Now the other you say 20 quads total is what you need to worry about.If there are a bunch of short sales and foreclosures from vintage 2004,2005 loans then the new purchaser with a cash offer or a small debt service will rent below market to fill quickly and turn more or the same monthly cash as you.So you starting out at 600 rent monthly might go to 550 or 525 in your development.I have seen this happen.I have also seen even if your building is well kept quality tenants do not want to live next to the other buildings where landlords put in suspect tenants to fill up.Also some landlords with high debt service will drop rent instead of repair to keep tenants so they won't spend tens of thousands out of pocket to rehab.

If that meeting doesn't offer a common sense solution (like allowing you a waiver on this fence but requiring any replacement be correct standards) then some states have a board or independent agency that helps owners with disputes with their associations, so look that up to see if you have one of those as the Board being contacted by an outside party might help immensely.

Here is what I am considering for my 1st deal:$63k purchase price for a duplexRents are $550 each unit + utilitiesRE Taxes are $1,517 per yearHere is what I underwrote:20% down6% fully amortizing 30 year loan(P&I of $297)Repairs: $50 per month (reserve)Trash: $30 per monthInsurance $150 per monthTravel: $60 per month (2 trips)Contingency: $50 per monthTotal operating expenses: Including RE Taxes of $511Total Income less 10% vacancy: $11,880Total Expenses of: $6,137NOI of $5,743Debt Service of: $3,569Cash flow: $2,174 or $181 per monthIs there anything I am missing?

This is just one company in the entire State, which offers loan modification services for consumers.

Amber,Your whole post is irrelevant because you are saying THE SELLER is telling you what the bank said.If you believe the seller is relaying all correct info from the lender you are headed for a disaster.Get the ATR (authorization to release info form) signed by the seller and give ALL LIEN HOLDERS on title a copy.Now you have the ability to talk to the lender or servicer directly and get 100% of the information you need.

I know that once the seller signs the addendum, they send it to the servicer (BofA).