The City Inspector does not add on more work...assuming you have the project correctly estimated in the first place.

I would recommend you speak with your tax advisor and set it up correctly from the start, whether an LLC, Trust or something else.Also consider states different laws, maybe find a state with more friendly landlord protections. 

For our bookkeeping clients, as a placeholder, we usually do an 80 (building) / 20 (land) split until we have the correct figures from the county records (it takes some time for those to post sometimes) so their bookkeeping records show something we can refine later.It looks like you got some good insight from others too!

We've been managing our own properties for 4 years and for other owners for the past year.We use an attorney because this is a legal process and I want to make sure the right person is doing everything correctly so that we get possession back.

From the floor joist being cut from the sill plates and the entire house needing brought to level, the foundation requiring correction, to the no slope rubber roof leaking and needing replaced when I say I renovated every square inch of this property I mean that literally.

But if all the info is correct, our rate would be 6.74% with a 1 year PPP.2,500 origination and 1,505 underwriting fee.

As such, if this is not done correctly within Alabama law statutes, it is a costly and worthless effort as it won't provide any protection. 

@Jayden SpurlockI take it, you did not actually read through the 114 pages, is that correct? 

The big-picture idea is correct.  

They're not like big conventional banks after all (correct me if I'm mistaken).I found one that does a soft pull so I'm thinking there's nothing to lose.