The main property will be my primary residence.My biggest question is, what kind of foundation would you use, (that is to code and will pass inspection/permits in Charlottesville) that is either relatively easy DIY or cheap to outsource.

I made the layout more user friendly, added a whole wall of closets in the main bedroom, totally gutted kitchen and bath.

We mainly own SFR and do LTR but last year we added our first STR and its been a great experience.

Without getting into the weeds on the point of view arguments and everything between you and the seller, the main take away here is that the seller doesn't want to sign your mutual release.

Quote from @Kwok Wong: Letters of Intent are different for everyone.

Phil Alexander, the main guy, does not hold the local providers accountable.

ALSO they have regs on rooming houses only allowed in specific zoning, similar zoning as for hotels;  only on main streets in business districts AND you have to apply for licensing and blabla as for a hotel..That said;  there is a small movement supporting rent by the room as a small step toward solving affordable housing. 

Originally posted by @Bartosz Rosol:I attended one of Rich Dad's free seminars a couple years ago, here's what I experienced.The event started out with the main speaker sharing his success stories in RE, and ended with him trying to get us to sign up for the classes.

I haven't heard any who recommend a primary business model of buying notes with the chief intent of foreclosing versus getting the owner re-performing considering the cost and time required for foreclosure proceedings as well as all the unknowns that come  along with it.

My main concern is whether it's hard to meet their criteria for properties and secure funding.