The previous owner took exceedingly good care of the building and there was nothing that need to be done except to raise the rents.

Except that you will be required to get a loan for $200k or put another $200k from your pocket in to the deal.

NEVER did anything to it except a roof.

Consultants, inspectors, and mentorsProperty managersAssistantsBookkeepers, accountants, and attorneysLandlords if you rent your office spaceYour business partners if you paid them (except if they were strictly lenders)Disclaimer about wholesalers: it is a controversial issue, with some of my colleagues claiming that wholesalers do not need 1099s.

The only exception is for on-site managers, like you'd find living in one unit of an apartment building and managing the building on behalf of the owner.

That said, we have traveled a lot and stayed in wonderful Airbnbs over the years and have always dreamed of creating an incredible experience for someone visiting Minnesota with a short-term rental as well, so we are definitely open to that idea and have some great experience as to what we know would provide an exceptional short-term rental experience. 

Pricelabs aided in all my properties (except one I stayed in for a week last month) increase revenue last month (Jan 2025) as much as 27% over Jan 2024.

I think the before vs after pictures really speak primarily to your experience and ability to execute a project so it can help lenders gain comfort with future projects and allow you demonstrate what level of detail you except out of your contractors.

Some good into for you to have (and your seller) and steps forward:First: As you have learned, you cannot have two FHA loans unless you qualify for a couple of different exceptions.

There's a few other exceptions such as a tax lawyer, but I find that a lot of folks find comfort in just having me respond to any notices that they might get.