Both will have verification the letter was actually sent and when it was delivered.

issues are numbers are essentually on a napkin no real verification former flag allegedly inbetween 2 star level franchises seller has been trying to sell / auction property without high enough bid.Impression seller is trying to get away from a sinking shipOutlook: excellent location condition of property is a 7 from a scale of 1-10gross as stated to cover expenses including existing mort.

They have pets (allowed by me, although if I had two identical applicants I’d choose the ones without pets).

Non-updated properties nearly identical are selling for 130k right next door (cookie cutter house neighborhood)- My friend would get reimbursed for his mortgage payoff, the rehab loan, plus $15k (this number hasn't been officially determined yet, but 15k would be the upper end of what he gets)- I would get any remaining money from the cash out plus be left with the rental property. - Should be a win-win: he offloads his property with no work and I get a rental for the work I do (all of it I'll do myself) Property numbers: Mortgage balance: $62kARV: 130kCash out 75% = $97,500Expected Rehab: 15kPay friend total of $92,000 = 62k(mortgage payoff) + 15k (rehab) + 15k (cash)Remainder for me: $5,500--------------------------Rental numbers: - Current Rent: $995/month- Monthly Property Tax: $151 (from auditor's website)- Insurance: $65- Vacancy: 8% = $80- CapEx + Maintenance = 10% = $100- Mortgage (5% , 30yr) = $529Cash Flow = $70 (I was away from my spreadsheet when I posted initially, so I was off on cash flow value)-------------------------------Another option my friend is open to is flipping the property and just selling it after the work and splitting the profit 50/50.

In Virginia a transfer to a trustee is only exempt if the grantor and beneficiary of the trust are identical (that doesn't appear to be the case here).

I would never rent to someone with no deposit, no income verification and horrible credit who boasts to me how many times they have successfully rented.

Obtain a signed and dated verification that escrow deposit was delivered to escrow agency.116.

The rules and exclusions on bankruptcy are usually identical to the rules involving asset protection. 

Here are a few for the list that come to mind:-Failure to check that Broker’s representation of nature and condition of collateral is correct;-Failure to catch that Borrower is substantially overpaying for property;-Failure to verify that Borrower statement of business purpose of loan is inaccurate (loan in reality is for personal, household or family purposes) making loan subject to consumer protection laws and disclosure;-Failure to verify that insurance is sufficient and the type of policy that covers lender as insured for loss; or policy lapses after funding and servicer does not catch it;-Failure to verify that broker or arranger is properly licensed such that lender exemption from usury is invalidated;-Failure to monitor and require borrower to keep property taxes current;-Title company e-mail gets “hacked” and you wire funds based on fraudulent e-mail-Not understanding the limitations on your options and problems that come up with "fractional" (multi-lender) loans when they go into default-And here is one for the books that actually happened:: arranger comes into possession of notary stamp and commits identity theft by convincing lender, brokers, escrow and title that she is the person who’s identity has been stolen.

As to some of the questions; 1) I live in the same area now, and do feel confident on the sale price range 2) The seller and I are going to go over his numbers from almost identical houses in the same area in the next few days - I will also verify these with the subs I would be using to make sure of things. 3) I did include all utilities, dumpster, interest etc... in the holding cost - that is one area that I goofed up on the rehab of a rental while we were getting it ready - you tend to remember those things :) As to why would he want to sell so cheaply.....