You're right in that it is easier for agents to locate the foreclosures as we have access to the various systems where they are listed and we are excluded from any 'advertising bans' of their status, so if you're looking to pursue them you should definitely connect with an agent.

It really is double dipping on an exemption meant for people to benefit from buying a home.I would not be surprised if they excluded all gains from the time it was a rental property in the future.

Include and exclude discussions.

Both agents want me to sign a representation agreement but are very opposed to the idea of modifying the agreement for shorter than six month terms and are also opposed to a modification that excludes FSBO and unlisted properties from our agreement.

He could just exclude the money partner and get hard money or another private lender at 8%...

With your expenses at $732 and many such as vacancy, legal, eviction, accounting, advertising, repairs, turnover maintenance etc. excluded plus a 5% return on the $100K equity at $416/month you risk ending up with negative cash flow.

Another note, the most common guideline change that people want BY FAR is for us to be able to exclude "oh but I pay it off every month" credit cards from DTI ("oh but I pay it off every month" is a phrase I hear several times a week because I actually show my math and where my numbers are coming from to consumers... no good deed goes unpunished, right?). 

Same thing with buyers and sellers (excluding many of the unlicensed brokers who don't care what they sign because they have no intention of honoring any contract). 

Or is this usually excluded?

So all R1 zoned lots (excluding a few criteria such as safety (must have I believe 4' from structure to property line), sewer, and 2 more that I cannot think of) can legally have 3 units (the primary, a JADU, and an ADU).