Original borrower must control or own a majority interest in the LLC.3.

For those not in the industry the reason lenders wont go that low is  really simply a math problem.. if they have to stick to their pricing sale 2 and 12 or so and its a 30k loan.. thats a whopping 600 in points and very small amount of interest payments which are always shared with teh investor or credit line or wall st guidance line they have to   HML make money on the delta between what their capital costs and what they can put it out for.. then you have defaults the cost in many of these Eastern states and time lines to foreclosure is hugely expensive and time lines are forever.. so if your only making 1k or 1500 on a file and have to foreclosure you just lost a bunch of dough. it takes no more time or effort to do a 500k HML at 2 points  10k of revenue to lender and the delta on interest of course is much nicer.

The fourplex only exists because the zoning has been grandfathered in, on paper it is R2.This is my understanding of how SB 330 would affect my project:If I raze the building, I can't build anything less than four units ("An affected city or an affected county shall not approve a housing development project that will require the demolition of occupied or vacant protected units, unless all of the following apply: (A) (i) The project will replace all existing or demolished protected units.)Additionally, because the units exist under rent control (market rate), the rents of the new buildings in the future must also be rent controlled.

What type of structure or controls do you put in place?

Hi @Bryan Berrios, you have some good feedback here already, but my additional advice is to look into the eviction/tenant/rent control laws in the city, county, and state prior to your purchase.

Harder to control money and properties you can't see especially if they are far away.

I lost a tenant due to medical issues causing them to have to break their lease at no fault and it will cost me 2k more with current management to get a new tenant.So my question: Should I bite the bullet and get a new tenant or maybe find a new property manager that doesn't have such a high fee and use a HELOC or cash out refinance to fund further real estate purchases?

I lost a tenant due to medical issues causing them to have to break their lease at no fault and it will cost me 2k more with current management to get a new tenant.So my question: Should I bite the bullet and get a new tenant or maybe find a new property manager that doesn't have such a high fee and use a HELOC or cash out refinance to fund further real estate purchases?

seller financing installment salecan retire you from landlord to"the bank" BUT make sure yournote is bullet proof 10-20 pgs.so you can control income taxesthrough ammort/interest termsas the buyer needs you more LOL

This is not without issues (the biggest of which is getting more funds into the IRA/LLC after future contributions), but it is worth exploring if it might be a good fit for you.On the other hand, if you are not looking for as much control, I have a great deal of respect for Quest Trust Company and it's owner Quincy Long.