They are a great lower level AC, because they want to put money to work and live in a fairly punishing NYC market where deals are nigh impossible.

The IRS punishment for having these "bad" hours is restricting which of the 7 tests we can use.

@Muhammad Abdullah to pretend to be an owner occupant and not be is a felony on HUD homes punishable up to 5 years in prison and $250,000 fine.

I Wish we did.. keep guys like you who want to run to an attorney for any little thing in check.And like Tim Said the only one who would hire an attorney for the case presented is either a fool, or has money and just wants to punish someone because they are mad and the attorney taking the case has limited ethics as they should deny taking the case in the first place.. as frivolous. your opinions are based not on reality and experience were as mine and Tims are .

@Kenneth Garrett The move in fee is increasingly popular in the City of Chicago because of its punishing CLTO and the potential penalties for not following the rules re: security deposits.I personally like a move-in fee (at half-month's rent) because it guarantees me $ for things like repainting and minor repairs between tenants that wouldn't otherwise be able to be deducted from the security deposit but always need done.Downside is it is less money in your possession if something major happens.

I tried doing the MH thing out here, specifically for Nevada this state is not the state to be taking back notes as the MHD Manufactured Housing Division hates investors and has a barrage of laws in place to make it very difficult and punish and fine investors as well.

If you trade the markets you know life punishes the unprepared, the lazy, the greedy.

Thinking of buying the highest ROI properties in the rough areas and just handing them over to a PM and let them take the punishment, is a common mistake.  

If he committed fraud, he should be punished. 

Require a JV agreement which holds the ground partner accountable (even punishes) for communication, work completed by certain milestones, and unforeseen issues.