This will allow for you to pursue legal action "eviction" if ever needed for non payment or negligence as a tenant. if you rent out the basement separately but it is not a legal unit, the court will not allow you to pursue an eviction.

Hi Lue, You meet the requirement, you would be what's called a non-occupant co-borrower.

@Kevin S.Great question legacy planning is hard enough with family dynamics, add in illiquid and non divisible property for another layer of fun!  

There was a concept query of public (2021?)

Id say its very similar to working with non investor clients aside from a little extra work and baseline knowledge of investing / rehabs. 

Some states laws say for non-owner occupied property, the vendor doesn't need a written contract.That said, in the absence of a written agreement if the lien is to be based upon the reasonable value of services provided, that $9k estimate seems like a good starting point.

I thought about buying a non developed lot in cash, subdividing it, clean it (take out trees and bushes), get permits, and start building 1 property sell it and then build the second one...The problem is that I am afraid of going this route because of messing with sewer, water, electricity...

The “worst” appraisals I’ve seen (on a consistent basis) as to over valuation are on non operational health care facilities.  

Do you know if they are leaving that type of market or is the carrier non-renewing for another reason?

I do get a lot of “push back” from both real estate and non real estate people on it due to the negative (sometimes earned) connotation that comes with it.If you made it this far congrats.