A good attorney, RMLO, and servicing company play a big part of this. .

That will also play into it.

Coghill they are trying to take care of several things:1) Approval to access credit reportsA video tour of my home office (required by the credit repository to show security, so access to office & computers is limited to avoid data theft)Credit checks on me and my partner (required by the credit repository to make sure you are not criminals looking to steal others' data)Copies of the deeds for every property we own (required by the credit repository to confirm you aren't just self-serving)A copy of my partner’s home lease and utility bills (required by the credit repository to prove his legal address, so they can pursue him criminally if he steals data)Business phone bills (required by the credit repository to prove an actual business)2) Approval to use banking ACH system to accept tenant payments and pay ownersBusiness phone bills (required by banking industry to prove business legitimacy)A signed letter from the bank verifying our accounts (to prove legitimate business banking accounts.

I always play it straight on loan applications for they can be enforced for 10 years from signing. 

Lost in all of this has been the significant role technology now plays in listing and selling real estate.

@Eric E.UBIT only comes into play in an IRA on leveraged real estate and running an active business.

Also your permitting process, type or land, grade of land, if underpinning is required will all play a factor into your cost. 

Play dumb, ask questions, and try to gain as much info as possible before choosing a contractor. 

It's unclear on how that plays into your question about taxes.

They loved it because they got some play money right away and steady income each month without having to deal with toilets and tenants.