Also, required if each property is under separate LLC.If all properties are under the same owner and you are planning to use accounting software to track transactions by property, then one checking account is sufficient.

The properties cash flowed about $1k per month.Last year, which is 14 years later from his purchases in 2004, he had to move out of his apt because his rent is now over $4k from his original $2k per month.His CT Properties cash flowed the same for the last 14 years, about $1k per month.BUT... if you considered that his rent moved up another $2k more in rent, the over all effect is that he was losing money.He is also effectively priced out of NYC and moved to a lower cost area in NJ.

The son could serve as guardian; and once he was appointed you could proceed with your transaction.

You generally can't withdraw from a savings account without producing photo ID, so that is safer.Every investor should check all their checking and savings accounts daily for transactions.

@Ramon Mota  It's really the same as a normal RE transaction except you provide the financing and not a bank.The buyer gets title and ownership and you place a lien on the property, securing your interest. 

It’s a nice cost effective option.

Same goes the other way - if a tenant issues a notice to vacate that takes effect on the 10th, and their rent is due on the 1st, they are responsible for the entire month.Another thing to consider here is your desire to change the terms of your purchase agreement by requiring the unit to be vacant (this is similar to the idea that you should be able to renegotiate the terms of the current lease agreement and require the tenants to stop smoking). 

Successfully pulling off a BRRRR requires you to seek & find a distressed property from a distressed seller, buy it at a below market price, successfully rehab it at a cost that makes the property comparable to turnkey properties in the market but for an all in price that is below what these comparable turnkey properties are being sold for in an arm's length transactions.

(Effective September 30, 2018.)(1) A landlord may not, based on the source of income of an otherwise eligible prospective tenant or current tenant:(a) Refuse to lease or rent any real property to a prospective tenant or current tenant, unless the: (i) Prospective tenant's or current tenant's source of income is conditioned on the real property passing inspection; (ii) written estimate of the cost of improvements necessary to pass inspection is more than one thousand five hundred dollars; and (iii) landlord has not received moneys from the landlord mitigation program account to make the improvements;(b) Expel a prospective tenant or current tenant from any real property;(c) Make any distinction, discrimination, or restriction against a prospective tenant or current tenant in the price, terms, conditions, fees, or privileges relating to the rental, lease, or occupancy of real property or in the furnishing of any facilities or services in connection with the rental, lease, or occupancy of real property;(d) Attempt to discourage the rental or lease of any real property to a prospective tenant or current tenant;(e) Assist, induce, incite, or coerce another person to commit an act or engage in a practice that violates this section;(f) Coerce, intimidate, threaten, or interfere with any person in the exercise or enjoyment of, or on account of the person having exercised or enjoyed or having aided or encouraged any other person in the exercise or enjoyment of, any right granted or protected under this section;(g) Represent to a person that a dwelling unit is not available for inspection or rental when the dwelling unit in fact is available for inspection or rental; or(h) Otherwise make unavailable or deny a dwelling unit to a prospective tenant or current tenant that, but for his or her source of income, would be eligible to rent real property.(2) A landlord may not publish, circulate, issue, or display, or cause to be published, circulated, issued, or displayed, any communication, notice, advertisement, or sign of any kind relating to the rental or lease of real property that indicates a preference, limitation, or requirement based on any source of income.(3) If a landlord requires that a prospective tenant or current tenant have a certain threshold level of income, any source of income in the form of a rent voucher or subsidy must be subtracted from the total of the monthly rent prior to calculating if the income criteria have been met.(4) A person in violation of this section shall be held liable in a civil action up to four and one-half times the monthly rent of the real property at issue, as well as court costs and reasonable attorneys' fees.(5) As used in this section, "source of income" includes benefits or subsidy programs including housing assistance, public assistance, emergency rental assistance, veterans benefits, social security, supplemental security income or other retirement programs, and other programs administered by any federal, state, local, or nonprofit entity.

For a commercial property, the entire financing portion of the transaction is far more complex and stringent when it comes to qualifying.