Thank you for sharing your experience here; it’s a good reminder to be extra careful when dealing with properties like this.This post has definitely made me realize how important it is to double-check zoning and property classifications before closing on a deal.

Thanks for sharing.  

Everyone wants to share their negative stories about Property Management Companies and then make the leap to bashing ALL PMCs!

This system is called online TIN matching, and you will have to sign up for IRS eServices in advance and share your personal information in the process.My contractor says he is a business and does not need a 1099He is wrong.There is an exemption for corporations, both C-corporations and S-corporations.

Quote from @Stuart Udis: Good share.

The friend who shared this deal with us offered to provide the loan.

PRO TIP: Some counties will work with you as the new "owner" on code violations.

Pro tip--make sure your exhaust fan in the bathroom is vented to the atmosphere--meaning out to the outside.....go out the roof or out the side of the unit or secured to an opening in a soffit vent grille off the house. 

They're really securities sales disguised as loans, since the undisclosed convertible notes become a share of securities for investors in the secondary market under the promulgated laws of the United States Securitie Exchange Commision (S.E.C.).

There's no $$$$ in teaching you how to implement the action items I shared above which is why the higher revenue generating systems are sold, usually to real estate investors who don't know any better.