HUD.GOV is originating source for FHA loan info.

All original tenants were long term low rent tenants.

That would have been known up front if that was the original loan product being used.  

Originally posted by @Brett Cox:I filled out the form to inquire about their services and it mentioned a 15-30 minute consultation.

✅ Typical origination fees?

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

Originally from Pennsylvania, retired from the Navy in 2018, moved to Boise, ID (where I am now), and decided I want to buy my first investment property this year.

If you sell your property, the tax basis (original cost) of the property for the giver becomes the tax basis for the recipient.

Unlike a foreclosure, a deed in lieu of foreclosure does not extinguish any of the liens and encumbrances affecting the property.Most courts recognize the execution of a deed in lieu of foreclosure in a transaction subsequent to the original mortgage transaction as a legitimate alternative to foreclosure proceedings.

Let's use that as an example. 20% down is $43,000 plus lender loan origination fees, closing costs etc is going to push you over $50,000 cash out of pocket.