For example, will you need to get HOA review and approval before installing a deck or patio, etc, etc?

Also, when he brought up the notion of starting a business, I believe he had in mind an ordinary trade or business like selling widgets or providing services.

Definitely would much rather go FHA, but always interested in exploring alternative options for out of the ordinary scenarios.

Rental Income                   97,308.33              99.5%Total Income                     97,813.33            100.0%Expenses1155 Crawford Supplies            1,395.85               1.4%Carpet Cleanings                          145.00               0.1%Dumpster Rental                             59.78               0.1%HVAC                                        10,188.30            10.4%Insurance                                    6,099.35              6.2%Interest Expense                       19,672.53            20.1%Labor                                           9,644.56              9.9%Legal and Professional Fees          500.00              0.5%Licenses and Permits                       25.00              0.0%Mgt Fee                                        1,600.00             1.6% (although it says he managed it                                                                                                              personally)Office Supplies                                  50.00              0.1%Pest Control                                     800.00             0.8%Property Tax Expense                  4,369.76              4.5%Rent                                                 155.00              0.2% (not sure what this is for)Rental Equipment                             222.92              0.2%Repairs and Maintenance              5,929.69              6.1%Supplies and Materials                  8,867.40              9.1%Utilities                                           6,270.92               6.4%Total Expense                              75,996.06             77.7%Net Ordinary Income                    21,817.27             22.3%Cap Rate at asking price of           $899,900             2.42%I did some PVA searching and found the assessed value to be at $543,171 which would put taxes at $6092.75 for the year.

What the ordinary people who work in S.

If it was local to me I would go with the potential buyers so that nothing out of the ordinary would be said in front of the seller.

The funds must be either refunded to the Tenant if the unit was left in good order / normal use or used to cover the cost of 'extra-ordinary' cleaning / repairs / delinquency.

Do you have a lot of ordinary income or mostly capital gains/rental income?  

You never moved back in to reestablish the property as your primary residence.The tax bite can be reduced somewhat by adjustment for selling expenses and the cost of capital improvements made during your holding period,  If you have net passive loss carryovers from your rental activity, they can be taken in full against your other ordinary income to reduce your total income tax bill.  

., individually are unknown and cannot be ascertained after diligent search and inquiry so that the ordinary process of law cannot be served upon them.