I searched the owners’ names in the Miami-dade county clerks records for any probate documents and nothing showed up. 

You sign all documents to purchase the real estate as the Trustee of the Trust which owns the LLC.

@Jerryll Noorden wow this is great I will definitely have this all saved in my documents as a daily reminder I appreciate you for being thorough and giving me a better explanation I will start to change my approach and move towards a better outcome thank you!!

Hi all,My husband and I are about to close on our first deal next week and are prepping all our documents to rent it out as we hope to manage the property ourselves.

In order to get a CoCROI of 10% you would need to buy the property for $167,221 which is less than half the asking price of the seller.Closing costs are pretty high since I’ve read that closing costs for legal documents getting signed are somewhere around 3% of the home value and then lately, it is no longer custom for the seller to pay for the buyer’s REA fee, which adds another 3% to the closing cost.

An estoppal certificate is a legally binding document that the tenants sign to affirm or deny any information that the owner has told you. ie.

Sometimes for larger deals, we will create an offering prospectus to the Seller in conjunction with the two documents aforementioned. 

If its turnkey, make sure you have quality documentation regarding the screening process and results for current tenants. 

This is not required, however, since there are other ways to ensure the loan is for a business purpose loan.A wise lender will always ask the borrower to document what the money is being used for.

Hi Cassandra, I'm afraid it's really impossible to answer that question without having a lender review your credit and income documents to ensure you meet the USDA DTI requirements.