:And if you do decide to let it go back to the lender, who likely is a crook in on the buy/lend for more than its worth scam and you want to earn some of your money back, consider doing a prepaid lease for your tenants. 

If need be, you could offer some incentives to the listing, 1 year home owner warranty, 1 year prepaid lawn maintenance etc.

Take advantage of this while it lasts.Lenders will usually allow 2%-3% of the seller to cover your closing costs, pre-paids and other costs(down payment).

Although my collections have been normal I will not do a longer than 29 day agreement unless it's pre-paid.

A close friend of mine was in the same shoes as you.Before giving the middle finger to his corporate job he paid off all his credit cards, bought pre-paid gift cards for food, restaurants, movies, and other leisure items, he got his medical and dental checkups done while he was still on insurance, and reduced recurring expenses in order to live as lean as possible in start-up mode. 

I have grown up since then.Six months is a lot of prepaid interest.

Should the tenant turn to be a problem tenant and you want to evict at some point, it will be much harder to convince a judge if rent is already prepaid.

Pre-paid rents are coming in with a few warnings from residents about being late.

Expect to pay about $5k or so in lender fees plus your title fees, prepaids and escrows.

Fees:Upfront (pre-paid fee) $3k – This was the 1sttime I ever paid a fee up front (other than an inspection)2% lender Fee – Very Expensive but I suppose is standard for this type of loan productLoan would be serviced/funded originally by Stronghill CapitalSold within 30 days to new providerEarly pay-off penalty (expires after year 5)Feel free to message or ask any additional questions that can help you in your investing journey.