There are peculiar rules applies to Japanese properties.

The ADU would then be used as a long-term rental.Does this qualify as a “like-for-like” property exchange even though I’m technically not buying another property and does a 1031 apply?

These are NonQM loans that underwrite by using the gross cashflow (as evidenced by net deposits in your bank account or how much was reported on your 1099) and then applying an expense ratio (usually 30-70%) to determine your gross income.

You said that you are applying for an FHA loan so it sounds as though you'd be living in one unit. 

.- Background: Took some real estate classes before but really a lot of self learning on creative financing - Current Goal:To close my first wholesale deal within the next few months by learning from seasoned investors and applying proven strategies.I'm here to absorb as much knowledge as possible, so if you have any tips or resources, I’m all ears!

If more than one person applies together, then we combine their scores for a group average.

Hey @Chi Lo - I actually have a video on my YouTube page about this (lookup ClosedByMo on YouTube).Regarding walls being damp and waterproofed, it means there needs to be waterproofing on the basement retainer walls (this is something you can do post-construction and the contractors would need to dig around the house exposing the basement/foundation to apply the waterproofing). 

Unlike the 750-hour rule, this applies to determining whether you materially participate in a particular property or activity to make it a non-passive income source.

The thread addresses a different topic, the Real Estate Professional status, but the same principle applies to the hours in both contexts.

Supposedly the tenant hasn't paid and she filed for eviction but the judge required the property manager to apply for assistance on behalf of the tenants before proceeding with an eviction.