@Michael Doherty and @Mike Auerbach and @Ellen Steele Don't forget the additional tax benefits available with cost segregation on the new basis as well as 179D.

He's a legit guy and we are now on agreement to purchase an additional 66 acres. 

In addition, a motion for default was filed against an outstanding mortgage for another $ 367k which was personally guaranteed as well.Keep watching the Kiyo v BTC and Dream CQ Holdings V BTC cases as both of these have a potential basis for piercing the corporate veil.  

Sec 8 here also inspects the home each year, in addition to your PMs inspections (if you have one).

This will give you a clear idea of what the house might be missing, and or need and gives you time to make those changes/additions before your first group.Another tip: I think it is natural for bigger properties to have more vacancies during the week/slow season.

Additionally, I verified that the parcels are buildable and analyzed competitive market prices, which suggest high profit margins.

I do qualify for being a broker which comes with some additional education etc. 

@Salome Ditmars In addition to what has already been shared on this thread, trusting the sponsor will be paramount to you sleeping at night, and I can't stress that enough.

The reason I mentioned DSCR loans is because if a property I buy and bring up to rent ready standards then starts cash flowing, rather than waiting to collect enough cash from the rents before I start on another property I'd like to accelerate the process by getting an additional loan and putting that money to work elsewhere - haha, I hope I'm making sense.

That no additions or remodeling was completed without a permit.