The spouses own and operate the trade or business as co-owners (and not in the name of a state law entity such as an LLC or LLP),.."

When I was 22 I had to move from my home town to Las Vegas in pursuit of HVAC trade school.

So I told the old owner I will trade you the house and landbank the loan..

If you get a quote significantly below the numbers above you need to ensure that the contractor will actually execute the work and perform it to the required standard. 

Sure, they may be able to grow to a very moderate size,  add a few units, or trade up to a larger investment, but as for real scalability: NO.Why?  

., you will come out on top just take a bit longer so you need to underwrite that in mind.If the former, I would do a combination of fixed income, private lending, and note buying and trade the arb.

, it's still highly unlikely that an appraiser would have given value to this bathroom in any case, so we're not losing anything from an appraised value standpoint.Seller should be more than OK with it once you educate them on the fact that of all the offers they are evaluating, yours is the only one willing and able to execute a plan to close on-time, without delay, in spite of the flagrantly illegal and unpermitted bathroom.

Unfortunately, people in the trades are often good at their trade but poor at managing their business.

There are some teeth to HICPA since it works in tandem with the Unfair Trade Practices and Consumer Protection Law ("UTPCPL").

We don’t want to find ourselves as a Jack of all trades and a master of none.