The loan is based on the ability of the building to generate enough net operating income to cover the loan payment plus 25%.That being said, the lender wants to be sure the buyer / borrower has enough experience to properly run the building.

For my first real estate investment I have access to the funds that would allow me to put 20% down on 2 or 3 $200,000ish Condos.The Condo’s are in good condition and would not need any rehab.Is it smart, stupid, wise, unwise if I purchased the Condos with a 20% down, and rented them out at a proper rental rate (which would be a few hundred dollars higher than the mortgage)???

The planned unit deal will require a lot of time and meeting people, getting them financed on what they want built, architects, engineers, city officials, and its lot of work and providing basically a service to the end user the whole time.Apartment property:?

We are definitely looking for a tax person to "officially" handle these issues come tax time but I was curious how you guys/gals would handle it.

Investors welcome, doing video tour this wknd with Opendoor for official offer.

@Ben Joseph the proper policy is you need is a Non Owner Occupied Rental Dwelling policy, commonly know as a Landlord policy.You are correct in a Rental Dwelling policy will usually have Liability as part of the policy.

With that said, I'm not sure what document or form the parties would need to fill out or would it be something an attorney would draft up and then make sure it's filed so it's not missed during title search UNLESS maybe the closing company someone is using while selling the house has a document drafted up with that closing company whereby "internally" the current owner/seller agrees to gives the wholesaler X% ownership, which then would have to be filed with the county to make it official, and then continue on with the sale of the property and then both parties would have to sign the deed as owners.The scary part for the seller would be "what if the sale doesn't go through, now this person owns some of my house forever".   

It’s to properly manage my property and ensure that my tenants are not hurting property values from home owners in the neighborhood.When listed, I had over 150 people contact me to rent it in less than 4 days.

Just always make sure to vet properly, that mean getting references, viewing pictures of recently completed pictures that pertain to your strategy.

In my area, we can file an eviction based on lease ending and tenant not leaving IF they were given proper notice and didn't leave.