I thought there was a law that required for me to get a copy of it and also of my credit report that they were using as the basis for the loan.

Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc.

Closing Attorneys/law firms are another good resource for this. 

It is very difficult to manage when you are not local, don't know the laws, have the infrastructure, and can't react quickly when necessary.

Talk to the current owner to see how long the leases have been in place and the look up local laws to see what happens when the original lease ends (typically 1 year) and what happens if no end date is stated.

Contradictory and perhaps more of a tax and law question in itself.

For more info, check out the law itself AB968: https://legiscan.com/CA/text/AB968/id/2764362 https://www.car.org/riskmanagement/qa/New-Laws/2024-New-Laws

Make sure to check zoning laws and permit requirements in your area, and maybe connect with local contractors through referrals to get multiple quotes.

Short-term rentals would be a solution, but due to strict short-term rental laws in rent-controlled areas of Los Angeles, options like Airbnb are typically not feasible.At present, I have a $5 million property in Encino with two units that we cannot rent out short-term due to rent control regulations, and the numbers don’t work for a long-term rental either.

I’d recommend consulting with attorneys experienced in both Illinois and Wyoming laws to ensure everything is set up correctly.