and these are reasonable people.So the key question here is, how do I find out who's responsible for paying for this repair, is it usually some state/county regulations, or is it typically in some HOA governing docs, or is it basically decided by a few HOA members as long as they say "GO" we are good to GO?

The capital is not prorated in this case.Also, the investor can also qualify for a 1031 Exchange in this case (Revenue Procedure 2005-14) as long as they can say they have owned and lived in the property as their primary residence for a total of 24 months out of the last 60 months AND the property has been rented out for a sufficient period of time to demonstrate they had the intent to hold for investment (generally 12 to 24 months).

I use an agreement stating the deposit is non-refundable in exchange for taking the property off the market and that as long as they sign the lease and pay the rest of the move in money but X date it will be applied to their security deposit.

I'd have to do that since I wouldn't really want to submit a "Approved for up to $500K" letter on a $42K bid, for example.As long as you actually close nobody cares.

im beginning to see that some of them may be over priced for the rehab market in the area. if i want to drop the price on some of the properties do in need a new contract or do i just need to contact the seller and tell them to expect less at closing as long as i get them to agree on the amount?

Different banks have different requirements but as long as your backend DTI is below 45-50% you are fine.

You would need to see the actual note document to be sure about any particular loan, but the general terms are standarized:http://www.law.cornell.edu/uscode/text/12/1701j-3(d)Exemption of specified transfers or dispositionsWith respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—...(4) the granting of a leasehold interest of three years or less not containing an option to purchase;...This section gives a exception to the due on sale clause for a normal lease as long as it three years or less.

I've always had the mindset with him that as long as he paid by the 30th it was better than no one paying at all.

As long as the flue is clean I don't mind them using them.

Mr attorney started drooling over this, and starts making a long a blatant pitch for these properties, and even tries to set an appointment before realizing that I've probably spoke with Mr.