You need two years of steady income before you can qualify for a loan.

I think the ultimate situation for what I described above (not the plan, but a possible outcome) could look like this:Rent main house by the rooms while constructing ADU.

@Adam Newman yeah, not understanding your statements, "I have $50k plus about 7k in the bank" and "take out a loan and go in with 20% from the start?".

My Client has following Situation: 1099 Worker; Same Profession the last 8 Years2023 1099 Gross income $87,0002022 1099 Gross Income $134,000 Looking to buy a Condo, SF, or Multi-Fam, and rent out spare rooms & Apartments in the House. 

Minimum loan amount is $250k.

LTRs do not face those types of situations. 

Credit Unions are pretty great, as in my experience, commercial loan renewals tend to be automatic.

They have also outsourced their TAX SERVICES and despite my constant request to expedite my tax filing so that we can apply for a CRITICAL BUSINESS LOAN TO EXPAND OUR BUSINESS, THEY SAT ON OUR TAX and BOOKEEPING files for 7 months.

If you close with a conventional loan, it will need to be in your personal name.

While I get where they’re coming from, there are definitely situations where a buyer asking for an inspection can be totally legitimate.