Thanks everyone... it has been a few weeks of search and showings and we are actually under contract on a home in San Antonio, TX!

I would suggest to check with your local laws first.Most likely you will need permit ( I guess you can get away without, obviously not suggesting that :D)) but possible) , also check your zoning.If not possible to create separate unit legally, I suggest not putting an oven in the basement, and rent it without, or live in it yourself

Originally under contract with a wholesaler, I resolved complex development issues, including acquiring and recombining an adjacent parcel, to meet zoning requirements under the city's new UDO laws.

Originally under contract with a wholesaler, I resolved complex development issues, including acquiring and recombining an adjacent parcel, to meet zoning requirements under the city's new UDO laws.

I'll be contracting all the work out myself

There have been multiple legal challenges to this position of the FTB (California tax department, or Franchise Tax Board), but I don't believe any CA resident won such a fight.

I dont want to deal with legal issues down the road.

Thank you Flipping a contract, GET to a local RE meeting, 

I am paying for all treatments, but they are asking for rent reductions etc. after legal advice from a connection they have that has been giving them legal advice. 

@Jerry ZhangYou cannotYou can give a personal guarantee but then you would have to have other assets.What could happen and we have seen many times is they go into default and the 20% equity cushion goes out the window due to late fees, accrued interest and legal costs.