It does depend on the lender.

google "all inclusive Deed of Trust" fantastic CA document we used all the way back in the early 80s If I'm not mistaken though a wrap would require the 2nd buyer to also agree to financing terms; which would be the same as me (the 1st buyer). 

(that means I work for Airbnb as an independent contractor, a paid, by Airbnb, consultant to new Hosts).Here is my "tip" that I send to new Hosts:"Pricing is key and worth doing some homework.

The cause of the 2008-2010 Great Recession was bad real estate loans - if you could fog  a mirror, you could get a mortgage!

There is such a massive oversupply of units in that region that it will likely affect other neighboring regions for the next few years. 

It may take 1-2 years and by the end you will have forced some appreciation from the renovations but also got some natural appreciation from the market.

The covenants state that the property can’t be subdivided.

The houses are just a commodity. 

I got so lucky - the first 3 years, during the depths of the pandemic, I had a perfect tenant, no problems, even during the storms. 

Let's wrap up our QI selection series with the human element - because relationships and reputation can make or break your exchange!