I can probably estimate all the expenses more accurately by checking with the local authorities first.

Get an Authorization to Release Information signed by the borrowers.

Seller does hereby certify and represent that Seller has legal authority and capacity to convey the property with all improvements.

·You will have to retrieve a notarized Authorization to Release of Information from Owner/Seller to retrieve payoff amount and all the account's fees associated with his loan.

You're giving him a note and a mortgage for the $20k which is going to be secured by the condo in first lien position.Just ask him if he can give his attorney authorization, in case anything happens to him, to be able to sign-off on the mortgage payoff/discharge when you pay it in full in 3 years.

What dictates their powers are court orders that confirm their capacity, powers and authority to sell or encumber or distribute upon order for final distribution.A receiver being appointed, in essence, says that the executor fail to sufficiently marshal the estate asset (real estate) and the receivership was established to satisfy the local code enforcement or similar agency concerned with the property.

That way they still have authority but if a nasty situation comes up they can just say they are carrying out what the owner told them to do.Some people will also have it in the lease that repairs less than a certain amount ($50 or so) are the occupants responsibility, which will cut down on light bulb change type visits.

I am about to manage a complete rehab on a SFH and have been given authority to project manage the construction portion of the loan.

house with back wall missing land fill former gas station former dry cleaners former auto repair garage properties with millions of IRS liens swamp & wet lands flood way property unbuildable landlocked property with no access lot in subdivision never approved by authorities properties with multiple tax sales (title uninsurable) in the chain of title properties where the owner was claiming adverse possession but never filed court documents meth house property claimed by more than one owner gun toting neighbor gated the tax sale property claiming it was his (I say never argue with a man carrying a gun) basement filled with water for last several years 20 year paid up land lease, you would own the land but not get any rent for the next 20 years because tenant pre paid to former owner (commercial property) CATV antenna tower land lease, tower was already torn down and land was owned by somebody else.

Slumlords, they rent trash or they overcharge for the property or both.If someone doesn't have the means for decent housing, send them to the housing authority or non-profit housing providers instead of preying on them.