Knowing these boundaries can help you zero in on profitable, compliant locations.Timing is crucial when it comes to approvals.

All of the above, but in a smart order:Get Prequalified First – Knowing your financing options upfront helps you move fast when you find a deal.

Will keep everyone updated - I may be looking for a new insurance broker, if anyone has any recommendations or referrals please let me know.

It's often a case of not doing enough research, as they don't know what they don't know!

Here’s what I know so far:My father-in-law is offering to finance the property purchase, but I’m still clarifying whether that means 100% financing or if he expects a down payment.We haven't yet decided whether to purchase as individuals or through an LLC.I’m also in the process of discussing the specific terms with him (monthly payments, amortization, balloon payment, etc.).Could you share any advice or insights on what deal structure might work best in a scenario like this?

All you can do is work with what you know now and what is a reasonable expectation for the future.

Probably this. california department of Real estate has already nailed two agents for raising rents above price gouging thresholds.. 10k fine plus who knows what kind of license discipline.

Make sure you are running your numbers really well, or if you're using an agent that they are helping you run those numbers well, and know what you need to make the deal work.  

Does anyone know of a good resource for this type of rental or a good contract attorney?

You have to know which cards are pulling from which bureaus and what scoring model.