A household with more than $1MM in net worth excluding their personal residenceThere are some other options and more details, but if you can check either of the items above, you are safe to call yourself an accredited investor.The more complicated designation is the Sophisticated Investor.

As an aside I doubt the Seller's title insurer would provide coverage for this as acts of the Insured and matters created subsequently to the Date of Policy are both generally excluded from coverage.

There are some particular streets where you don't get a lot of "pride of ownership" and so I am excluding those... but it does take several trips over there to see the lots and explore each neighborhood.Hopefully, I land a good one, and thanks again for the help.

Conventional guidelines are stated in unit count (e.g. 2-unit, 3-unit) and do exclude ADUs on multiple unit properties, but in this instance it sounds like it is legitimately a 2-unit detached property which would qualify for conventional. 

Hi Rigo,If you are unsure what materials you are going to be using you can have the contractor exclude the 'finish materials' (tile, paint, plumbing fixtures, light fixtures) and include just the 'rough materials' (studs, drywall, wiring, piping, etc.) and installation of the 'finish materials'.In this scenario, you will be responsible for purchasing and delivering all of the materials for the project, so it's added responsibility for you, but it will give you an opportunity to figure out what materials you are using on the project.I have a Scope of Work example in my file place which will show you the level of detail & verbiage you need to include in your SOW:https://www.biggerpockets.com/files/user/drobertson/file/sample-contractors-scope-of-work-documents

Rental Revenue (At Market)= $195k Annual (excluding vacancies/bad debt/concessions)              Vacancies: 5%              Bad Debt assumption: 1%             Concessions: 0.5%I am assuming that expenses are running: 12k for property management30k for taxes10k for maintenance and repairs6k for insurance7k for utilities (not reimbursed)4k reserves-------69k total expenses-------Net operating income: 116kAfter debt service and capex reserves, I am assuming net income would be around 5k annual for the first year.

It's tough to exclude any asset class because of so many variables.

Hey @Pat Jackson, depending on how you file this on your tax return we may be able to exclude some of it.

The only excluded loss would be flood but we didn't get flooded thank goodness and we have flood insurance too.

Was there an experience that caused you to exclude them?