He also received a copy of the recording filed at the recorder's office in Los Angeles, CA.

I already submitted the permit but haven't heard from the office yet.

You would not be able to purchase an LTR as a second home because access would be restricted and the property would be subject to an occupancy agreement limiting use.Please be careful about listening to advice other than from a licensed loan officer. 

@Kevin French Sounds like I need talk to another loan officer.

Tenant applies for 123 Straight Street through another company and is denied, or changes their mind. 30 days later they show up at your office and apply for one of their rentals.

I'd say no, although there are investors who will get taken advantage of by their loan officer or broker.  

File or maintain an appeal before the Office of Tax Appeals.

I provided them office space telephones and the absolute necessity of having lexus nexus..

There are calculators online but make sure you are familiar because I get a lot of people call me because their loan officer failed to run the numbers and they are getting ready to lose a deal or earnest money.If you want to go FHA you can always put more down but I would take a look at Fannie Mae as well for High Balance areas.  

Carefully go over the seller financing agreement's conditions to make sure you understand any stipulations or eventualities that might have an impact on your investment.I am a loan officer and we have over 70 investors here at Aslan, so if your looking for creative financing please hit me up!