Case in point- we found a split level townhouse 15 minutes from downtown Annapolis and it would be perfect to rent out the lower living area as a full-time Airbnb unit (living room, full bath, bedroom and separate entrance).  

As we saw in 2000, the Electoral College system may not be perfect (Bush lost the popular vote, but won the Electoral College), but it is part of how things must be done, unless changed by consensus.Some candidates out there are not happy with the system because it may not favor them, but unfortunately, that is the way the game is played - like it or not.

Mike, when the lender is one whose underwriting requirements don't require "source and seasoning" of the down payment, then it's perfectly legal.

Ok, I've just finished tearing out yet another piece of perfectly good carpet that was completely destroyed by an idiot tenant for no reason whatsoever.

I have been following your posts and to be perfectly frank... your approach scares me.While a case can be made that you lived in the property and therefore that may justify in your mind buying as an OO... not that you have posted your approach all over the net... if things go wrong, as they usually do... it is going to be hard to claim you didn't know what you were doing.Also, if using hard money... almost every HML I have ever dealt with requires as part of your loan documentation that you will NOT live in the property.It is too easy to do this business the right way... don't allow yourself to go down a path that you may later regret.As for HMLs... given the quality of the deal HMLs will fund both the purchase and most if not all of the rehab costs.

The perfect storm you are looking for is a property that was initially over-priced (taking it off the radar of other investors), has had price reductions to get it back in line with market value, and has a 180+ DOM.If you have all cash though... some reason you aren't buying at the Court House?

I have never met an appraiser who was not opinionated, including myself (lol), and using a comp outside a subdivision is a subjective decission, as it depends on on several factors, but generally I agree that in a mature subdivision they should come from within.You made a very good point concerning the uphill battle that can be had if anyone begins to argue with an appraiser, as no one likes to be contradicted, especially from someone outside their area of expertise.In a perfect world there would be a property three doors down with the same floor plan, closed last week another like property four doors down the other direction and a third behind the subject on another street in the same mature subdivision.

And you had perfectly good assets being lost as the loans matured there was no way to refi and the underlying lenders foreclosed on perfectly good working assets because the owners could not retire debt in cash they had always banked on the ( OH MY BANK WILL roll the 20 due in 5 over they always have).. when they did not boom.. but I don't want to dwell on it I darn near ended up a statistic and its way in the rear view mirror.. but a combination of mortgage market  liar loans  credit freeze .. build stopped  jobs lost this all fed into it.take our PDX market .. 10k homes or doors built a year or more from 1990 to 2008... 2009   700 total that's all.. next year 1500 next year 2500 next year 3500 next year 5000 plus.. 

The perspective associated with quality rather than cost makes perfect sense and based on these responses it looks like this grading system is more applicable to each persons investment style and not necessarily cost.Thanks for the feedback.

A wholesale situation happens when a Seller is perfectly willing to trade some of their equity for something thats more important to them, like the speed and ease of the transaction.