If you run the income through an LLC, the LLC could actually W-2 a portion of your salary which would be sufficient documentation but we don't know if the income would be sufficient.

I'm right with you about these things not being taught sufficiently well in school.

In one town near me they require a rating of 3-A: 40-B:C, so I just use that type everywhere now (other areas likely to copycat, and the few extra dollars upfront aren't going to kill me).GFCI in all areas where water can be normally found; bathroom, kitchen, laundry, garage, all outdoor outlets, etc.AFCI in bedrooms (mandatory by code in some areas).Address numbers on the house that contrast with the background (how will 911 find you otherwise).All bedrooms MUST have a window that goes to outside and is sized to allow for a person to escape.Locksets - no double-keyed deadbolts, where a key is needed on the inside as well as the outside (I only use those locks during rehab, where nobody is supposed to be sleeping).Railings and handrails.Identify the water shut-off valve by the water meter so that the tenants know how to shut off water in an emergency.That's all I remember off the top of my head ...

If he has sufficient funds you can have your money refunded and pay from his account.

I don't recommend it because I'm not convinced that Guidant takes all the precautions necessary to ensure that you don't run afoul of IRS and DOL regulation, and I'm not sure that the DOL may not crack down harder at some point...and the potential penalty is losing all of your retirement funds plus another 10%.I prefer to sleep well at night.

I've closed some deals with wholesalers on 1 page contracts just the same as longer ones.As long as you have sufficient verbiage to allow for due diligence or option periods as well as the seller allowing proper access to the property for buyer final approval I think you should be fine.

I've built tons of specs and can do it in my sleep but I also know how much attention you have to give them to make onsite decisions, etc.

I guess BP never sleeps.

If you have sufficient insurance what's the issue?

The issue with elected officials and sports types is that they are more prone to vandalism, sometimes attacks.Usually, for lesser expensive dwellings, a sufficient notice and disclaimer concening their belongings, etc. are not covered and if they desire coverage they must obtain tenants coverage.