This option doesn't alter your existing mortgage terms.

No alterations.

Most PMCs, including all the national franchises, are set up to only handle Class A & B neighborhoods/properties/tenants.So, you're going to want to alter your method of searching & screening for PMCs.

Horrible if you need to alter the plans for any reason.

Insurance and insurance companies have been a huge pain for me and I'm sure for most people in real estate or business in general. Insurer fraud is my #1 growing concern as I continue to invest and build businesses. I...

But to stay in compliance with NYC Department of Buildings (DOB) rules, every detail must be handled precisely.Let’s walk through how it works under DOB’s Technical Policy and Procedure Notice #3/97 (TPPN 3/97), and why having the right professionals on your team is key.C of O Not Required—When You Follow TPPN 3/97TPPN 3/97 allows apartments in multi-family buildings to be legally combined—without triggering a C of O update—if:The overall number of primary living spaces (such as bedrooms, living rooms, dens, etc.) stays the same or decreasesYou don’t alter building egress (staircases, corridors, exits)The work is limited to interior constructionThis provision applies to all multiple dwellings in NYC, including old law, new law, converted, and new code buildings.What You’ll Need to FileArchitectural Drawings from a Registered Architect (RA) or Professional Engineer (PE)Alteration GC Application for general construction items like partition changes or internal stairsAlteration PL Application for plumbing work—particularly when repurposing or capping kitchen fixturesLetter of Completion issued by DOB when the work is signed off, confirming no new or amended C of O is neededTPPN 3/97 Requirements—SimplifiedSame or Adjacent Floors Only: Combinations are limited to apartments located on the same level or directly above/below each other.

I have a Lease/Addenda example where I help DIY landlords and I highlight stuff many landlords forget, but it’s irrelevant if you use a PM.PMs will have their own Lease and it’s doubtful you’d be able to get them to alter their stuff.

Them being frustrated that the water isn't draining & they can't take a shower doesn't remove them of the responsibility of properly reporting it up to you so you can ensure the best course of action is taken..For example in the lease I normally utilize in the Alterations & Additions section, Loss of Services, maintenance & repairs, & general provision - it goes over the proper reporting procedure as well as the guidelines for maintenance & repairs will take place.

There was a paragraph in the contract stating that they needed permission from the owner/pm prior to doing any repairs, alterations, etc. to the property.

Our PMC lease allows cosmetic alterations, but also requires the property to be returned in the condition received.- also, good luck getting a judge to side with you about nail holes in walls to hang stuff.