You should screen and approve every occupant.

Get pre-approved for a mortgage to know your budget and show sellers you mean business.Now comes the fun part – house hunting!

Section 8 will need to approve your initial rent based on the property and what the tenant can afford.

I want to get approved for a DSCR loan.

The best thing to do would be to consult an attorney, but likely, that is not an option for everyone starting out.I'm not an attorney, and this is not legal advice, but some of the information that we include in our contracts is:- A clear scope of work - Payment schedule / Milestones- Change order approval process- Allowances for finished materials- Reasons to terminate the contract- Expectations for start date (X amount of time after final plans /permits are received or X amount of time after the contract is executed)- General schedule and timeline (This is where you could specify an end date - however it may be better use incentives rather than liquidated damage if your general contractor is late - we've done both, but found General Contractors respond better to getting something if they get done early instead of being punished for being late. 

I’m fine with buying land first if approved for a land loan.

I’m fine with buying land first if approved for a land loan.

Basically, they have the right to spend up to $500 without your approval, so you cannot really stop them from doing so.

It is a bit of a pain to go through the approval process to become an allowed advertisor, so it may not be worth it for a single unit owner.  

The building was previously approved for 3 units and an educational learning center in 1978, (so 4 total units but with one of them being used for commercial use), so we are curious if the city will make us go through zoning, and with that, add a sprinkler system to the building.