i currently own a duplex and have been land lording for 18 yrs. i have found a potential investment opportunity  30 miles away. it is located in a community slated for substantial growth over the next decade due to the current construction of new semiconductor manufacturing facilities. the property is a 24 unit apartment building. supposedly it historically maintains 95-100% occupancy and has a waiting list. my question is what documentation should i expect the lenders to want?  

The cities in Coachella have definitely became more strict with local regulations, but it’s definitely still possible to run a successful STR if you run a tight ship and set proper expectations with guests before they book.

2- IF only $30K is labeled & considered OPTION CONSIDERATION funds paid for the OPTION (thus Not immediately taxable)     What do you call or or would be a proper way to DESIGNATE the other $30K in funds given to the Property Seller?   

You will want to perform a proper dry out of all materials and replace as needed, treat the area and have the lid put back together of the downstairs unit.

Both programs are document intensive, but if you have a team that understands the programs and requirements, if executed properly those loan programs are amazing!

The short answer is that the prices although low did not justify for a proper business model. 

I will treat them properly no matter how they behave because how they behave doesn't upset me.

I felt like I needed time to handle it properly and they didn't have the time. 

Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.Additionally, you can track income and expenses consistently, using software or spreadsheets. 

Here is a great example why.I recently saw this asset come across my desk which was a non performing loan where the seller was a year behind (they made one payment I believe - even though they were allegedly properly underwritten).