He really has to tighten up his standards or this type of stuff will happen over and over again.

/lot (22.52.100, 22.52.250)Maximum Height Limit:35 feet from existing or excavated grade (22.20.110) (unless modified by a special standards district such as a community standards district.)Minimum Required Parking:2 covered parking spaces per single family residence (22.52.1180)Standard Yard Requirements:Front Yard: 20 feet (22.20.120), except as provided in special Standards DistrictRear Yard: 15 feet or 20% of average depth of shallow lot, but not less than 10 feet (22.20.120 and 22.48.110)Side Yards: Interior Lot: 5 feet or 10% of average width of narrow lot, but not less than 3 feet (22.20.120 and 22.48.100)Corner Lot: 5 feet except on reversed corner lot, which is 10 feet (22.20.120)Development Standards:(See 22.20.105 regarding development standards for single-family residences)

I found it to be refreshing from just the standard high gloss, high end construction photos.The question is: Is it effective?

Most of the investors I know own their properties in their personal name and have an umbrella policy to pay for damages above and beyond their standard policies.

Granted its been almost 5years but when we were looking at windows white, brown, tan were 'standard' and a single price and having other colors (every window mfg had different choices) was additional.

They are underwritten to the same standards as a conventional home, you have leeway to underwrite to secondary guidelines including compensating factors to determine affordability, likelihood of performance, collateral being sufficient for any future loan required.

You'll need other qualifying standards to say it's a private listing.My question; why limit your group to wholesalers?

I can't recommend this as a standard, but I've closed a deal successfully with a $1.00 EMD.

I am also interested in learning more about how you screen accredited investors based on assets We currently conduct our offerings under 506(b) and therefore are not subject to the more stringent accredited verification standards of rule 506(c).

See http://www.consumerfinance.gov/regulations/ability-to-repay-and-qualified-mortgage-standards-under-the-truth-in-lending-act-regulation-z/ Even if you are just renting with a pure option, send them to the RMLO for a written opinion.