Thanks.The project scope includes the architectural and structural documentation for 2 new 3 story, 2 family dwellings, each with a cellar and rooftop deck.

Under this federal law any financing arrangement requires the purchaser of an owner occupied dwelling (one to four living units) is to qualify for any financing contract with a registered Mortgage Loan Originator.

In order to be considered "In Service", the dwelling must be ready and available to rent. 

My husband and I (together) jointly own our personal home in CA (we have a mortgage on it).My husband alone owns 1 vacation property in ME, 3 single family rentals in CA with mortgages, and 6 single-family rentals in IN.My IRA owns 2 single family rental properties in IN and 1 single-family rental property in OH.None of these properties are currently in a trust or LLC, they are just in our names and the name of my IRA.So far, I've talked to Geico and Foremost since we have dwelling insurance with them. 

So... instantly I will have about 140k in equity.

@Wave Taylor  A dwelling unit does not need to have two (2) doors pass code. 

The property is zoned as R5 which says it can have 5 dwellings per acre.

Also if rents are under martket what are your thoughts on instantly charging $50 more and then raising rent 5% annually?

There is no lender in the world that I'm aware of that is gonna leave $250M on the table for the buyer to absorb as instant equity.

Dwayne - If I had to correct all of the grammatical and punctuation errors on the forums, I'd be doing it full-time.Sadly, as instant messaging emerged as a form of communication, the proper use of the English language declined.