@Lance La CroixThere is a difference between "living in your business" and "separation between business and personal finances"The simplest way is devise all expenses by 2 and account for each separately when doing budgeting and/or taxes taxesI'm surprised a finance coach cannot figure this out.

Currently 20 years old heading into my Junior year of college as a Finance Major.

They call for a final balloon payment which is usually a very large amount of unpaid principal.

The plan is to make a trip in the near future to check out a few potential cities in person before making a final decision.

If you paint a whole room you will likely see that the paint will be in a fine enough mist that it will float in the air and make a room look like it was just fogged.

@Terrence S. there is certainly a fine line for realtors between having a good working relationship with another realtor (good) versus working with the other realtor to get the deal closed quickly, even when its not in the best interest of the client (bad).

Is the town against rentals and every time you turn around you are going to get a fine?

Review disclosures with the buyer - lead paint, known defects, HOA docs, etc.Come up with conservative ARVs for rehabs and projected rents for buy & holds.Handle the writing of offers, including contingencies, repair requests and other provisions.Negotiate points of contention with the seller's agent, working to maintain a cool, professional demeanor, even when the other side gets agitated and unreasonable.Deflect unreasonable demands.Coordinate inspections and appraisals, providing comps for the appraiser.Challenge bad appraisals.Coordinate getting paperwork, EMD and 2nd deposits to the right parties at the right time.Keep all parties on their timeline so as to remain in contract.Work with the buyer to transfer all utilities.Set up the time and place for closing.Do a final walk-through of the property as close to closing as possible. 

Is there a fine imposed by the IRS if we don't?

The as-built condition of the house becomes the responsibility of the current owner, so yes, you - assuming you are the owner - would be responsible for a fine if DOB issues one.Having a tenant in an illegally converted unit is indeed tricky - first, since they aren't renting a legal apartment, they technically don't have a valid lease, but they DO have tenant's rights, so you would have to go through the court system to get them out.