Next years goals is to purchase 12 additional properties. ;-) This is exciting!!!

Additionally, you need to weigh the stress and psychological impact your debt load has on you.

Normally, before a contractor starts to work on a job, you get added to their liability insurance as additional insured and you get a certificate of insurance showing that.

This puts you in a position where utilities won't be turned off (with additional fees) and notice is given to you.

Even on a level that is all bedrooms, a smoke alarm is required in the hallway in addition to all of the bedrooms.Originally posted by Jeff Sielicky:...Checking dryer vents, replacing plastic with metal....Replacing plastic with metal is a good start.

So your $6k out of pocket gets you a C Corp and ability to use retirement funds to buy stock in your C Corp.The things I did not consider:- You are an employee of your C Corp, so if you hire any employees you need to extend many of the same benefits to them that you receive, including participation in retirement plan- If you hire employees you need to offer them the option to also use their existing retirement funds to purchase equity in your business- Possible advantage of LLC over the C Corp- Once you sign and speak with your assigned independent counsel they will advise you on the increased scrutiny you face with IRS, need to keep additional records and document corporate meetings, etc.If I had a more complete understanding in advance I may not have gone this route.

And yes amenities are considered as well, not pools or spas or weight rooms, LOL, fridge, stove, A/C and type of heat....And your qualification % are HUD guidleines @ 30% and 10@ with usual circumstances, like additional handicap accessible amenities required.

In addition, make sure to have an assignment page that will cover you that will have options for you to accept a non-refundable down payment and having a clause for reimbursing you as an assignor for any costs you may incur while placing the property under contract..i.e earnest money or option/due diligence fees.So, if you contract a property with a seller you'll have them sign your contract, an investor buyer sign the assignment page, and place a non-refundable down payment with you to secure the deal.It would be a good idea to create a relationship with a title company or closing attorney that has investor experience to hear what advice they have for you.

Additionally they could seek some U.C.C. over the company assets as further security or even a personal guarantee.

There are only a few ways it can go OK.If you want to do this, insist the seller apply your down payment and enough additional money directly to the existing loan to bring it down below the loan balance.