It has both the main house, guest house, and a basketball court.

When the taxpayers demolished their existing principal residence, built a new home on the land, and sold it before ever occupying it, the Tax Court ruled the gain resulting from the sale of the never-occupied home did not qualify for exclusion under IRC Sec. 121 (Court case: Gates).

@Scott M. yes it under contract, one lease appears to have been renewed in June 2021 and one set to expire September 2021.

The cash flow will appear higher because the risk is much higher.

I have a ton of pre-foreclosures in my area, but upon screening the court files, it appears the debt outstanding is right around the ARV or market value of some of these properties.

By contrast, it sometimes appears that the HML that are a little lighter on the rate (still high, but not THAT crazy), but with higher fees (clearly this is their money maker), really REALLY want to ensure you get out of the HML ASAP, so they can get paid back, allowing them to re-lend that $ and collect those high points/fees from the next person ("velocity" of $ is the concept, if you want to google...

Everything checks out but I'd like to hear about potential pool costs if you've dealt with a similar situation.It's been sitting without a cover for what appears to be a few years but looks recoverable with some TLC.

💥A drastic runup in lumber prices earlier this year created a challenging environment for builders, but the industry appears to be well on the path to recovery from the sell-offs of the first half of 2020.

If you lie and move into the home, the lender will use this as a defense.I’d be more concerned that you are buying a long-term investment property with hard money when it doesn’t appear you have a viable exit strategy.

Windows--repair, replacement, etc--are on me. lol.I'm going to nag about replacing those dead trees in fall and I'm also going to see when we have it in the budget to refurbish the basketball court a little bit, and talk to the investors and see if they want to light it since right now, tenants have commandeered a light meant for illuminating the entry sign to shine onto the basketball court, and it's well located such that people playing after dark won't disturb people in the units.....