The neighborhood can be divided into East Harlem and West Harlem, which have two distinctly different flavors to them.

There are lots of folks that ignore the distinctions in this area and many originations are done not in compliance and many loans are made not incompliance.  

When you start allowing for a financed option price that is converted into a downpayment you are treading into the grey area of instalment sale.To keep it simple and distinct, one could charge an option fee <=1% of the strike (we have charged from $1500 - $2500) and make your option period no longer than 3-years.  

Given all of these characteristics, declaring that a series is not technically a stand-alone legal entity may be a distinction without a difference, at least most of the time.The series LLC shares characteristics with the traditional LLC, including the benefit of informal management, an effective liability shield, and pass-through taxation; but a series LLC also has the ability to segregate and compartmentalize assets and liabilities within individual series.

So I'm gathering that Option 1 is a no go - even if you could afford to hold the property and pay for the renovations, I get the distinct sense that you're ready to exit the land-lording business.

I understand the distinction between expenses and debt, I'm just not sure how Fannie Mae calculates DTI.  

I think a lot of members are misunderstanding the distinction between operating a commercial business out of the home and simply hiring someone to perform a service at the property. 

each property is so distinct.  

Thus, it's two entities w/ two distinct purposes and thus two distinct alternative investment accounts.  

While much if it has universal application, there is a distinct U.S.A. bias, particularly in the areas of finance, regulation and taxation where things are a little different here in Canada.Rest assured there is a considerable cadre of Canadians here who can assist with any Canada specific questions.