All Forum Posts by: Roman M.

Check their website as their program changes all the time. I believe TD Bank does up to 90%

I know BB&T and TD Bank will allow it but you will have to proof that you live in the house.  So homestead exemption filing, utility bill and driver's license with the current address will be an acceptable proof.

If it's bank owned then they will probably be cutting the price every 30 days by maybe 10% and then wait for offers to come in. I doubt that they will negotiate 30% discount like that. You will need time, patience and luck (if  no one offers more)  if you want to get it for $70,000.

12%

In my opinion, There is no tax incentive doing this unless your expenses exceed your ORDINARY income from managment side. Management is considered ordinary income and not real estate income, therefore taxing rate is higher. Not sure how that changes in 2018 due to new tax code as CORP tax. This also depends on how your setup your bus entities.

Your other option maybe to net lease (NNN) property to an LLC where LLC pays all expenses and deals with the tenant and in turn pays you or your father master rent on the property. It's a bit more complicated but it may solve your concern of not transferring property to LLC in order to avoid due on sale clause.

So you have a non contested foreclosure guaranteed. Congratulations with that. 

Getting possession of the property in one piece & free of occupants is a whole other mission. 

Yes, each town has their own rules when it comes to vacation rentals. Some are against it and it will affect if you can get financing since it maybe a violation of town's ordinance.  I maybe able to refer you to someone if it's close to Miami.  

Of course it can. You can direct to pay the rent to anyone. In this case you will have your tenant pay rent to the LLC . You can structure it the way you want to.

Which town in Florida?