While this is municipality dependent, if the contractor is not licensed you likely cannot obtain the necessary permits and approvals.

That will be an important piece to this depending on how you plan to source your capital.

There are several to choose from!

Whether the lender decides to do anything, and exactly what they decide to do depends on the lenders particular strategy, target ROI, risk tolerance, current interest rates, interest rate of subject mortgage loan, etc. 

With investor's properties, depend on how risk averse they are, I fall under either just follow their criteria or maybe coach them my insight if I feel they are open to ideas.

Even if my cash flow is negative while I live there, I will still be enjoying all the long-term benefits of owning real estate and my living costs will be cheaper than renting if I choose the right deal/property.I appreciate the insight!

@John Cooper when you or someone you care about is living in the home it is important to be extra vigilant in choosing tenants.

Hi @Allie William WilsonYour post caught my eye because of your thoughtful approach to choosing the right market for your next investment.

If you don't have a crazy house like a potato, a tremendous view or historical area, then choosing a pic is harder.I like the idea of the game room if that is your best feature.

Expect rates to be higher than "typical" financing programs - right now, I'd plan for at least 8%+ depending on the whole scenario.