Then additional expenses for virtual assistants, legal help, accounting, etc.  

The more you show on your paystubs, the more lenders will approve you to borrow and the faster your savings will grow.  

Even though interest rates and terms won't be as desirable as conventional, you'll have an easier time getting pre-approved.

https://www.biggerpockets.com/forums/51-tax-legal-issues-con...

@Ben Azubuike it's technically too late to add anything else if you've already signed a purchase contract.You can try to negotiate with the seller for review of:LeaseRent LedgerTenant approval criteriaAt closing you also want acceptable copies of tenant's: DL, SSN, paystub, bank statement, phone & email.

I just got off the phone with a law firm doing the foreclosure legal work for a bank.

@Davin Manfredi first, regardless of what you do make sure you ask how they are going to run a vent and let them know you have to approve of the work that's going to be done and do quality control afterward.

Quote from @Anthony Britto: Quote from @Jonathan Greene: You will need egress windows to legally have a bedroom down there.

Looks like previous registrations were entered incorrectly and preferential rents were listed as legal rents.

Finally, your hunch is correct: when the syndication cycle closes, your past "free lunches" will have to be paid for, aka recapture.Here're some relevant posts from your favorite site:https://www.biggerpockets.com/forums/51/topics/839015-are-sy...https://www.biggerpockets.com/forums/51-tax-legal-issues-con...https://www.biggerpockets.com/blog/real-estate-professional-...