I see people posting under state specific forums.

If you held the property you'd be understating depreciation as well.You would also be overstating your income on your next sale as you are actually paying more by the agreement.

It’s doable, but you’ll have to demonstrate a strong understating and a strong plan.Let me know if you have other questions

Expenses will be understated.

If the lender keeps the judgment in place under state law, it will linger until fully paid.

I FINALLY got the requested paperwork from the seller of a property I'm interested in, and found out that they understated the expenses (said tenants pay their own electric, turns out landlord pays first floor tenant's electric AND it is part of the Sect 8 lease) and they overstated the rental income (again, found that out from the sect 8 lease), PLUS the first floor tenant has a pit bull (told us they only had 2 cats) which will increase the liability insurance, which now means.....no cash flow.I'm so frustrated and angry right now.

That said, there are some out there who purposefully inflate ARV or understate repairs, so be extra careful.

The inspector (also a licensed GC) severely understated the damage and required repairs.

That’s up from 4,119 in December 2020 and 5,221 in December 2019.Scottsdale passed two laws in 2021 designed to curb abuses by short-term renters.The second ordinance sets fines at the maximum amounts allowed under state law.

The experience that you will gain from getting a (and your first) deal cannot be understated.