Most will take the value of the land as part or all of the cash/equity/downpayment. 

It will then follow the same steps as above.We normally post both just in case the tenant does pay and you accept some or all of the monies owed.

The backstory or all this other nonsense that people talk about.

As demonstrated in this case, the consequences of inadequate record-keeping can be significant, including the reversal of deductions and the imposition of accuracy-related penalties.So, before attempting to claim unconventional deductions, heed this cautionary tale and ensure you have the necessary documentation to support your claims.

The subdivision goes from 150k to 1 million in price.If your friend owns other properties that are trophies I would definitely cross-collateralize some or all of his other properties and get a personal guarantee.

However, the issue I have is that I only have 1 year of solid income from the business, the year prior to that is inadequate, and I know most mortgage companies require 2 years of income to qualify.

.—(1) The commission may deny an application for licensure, registration, or permit, or renewal thereof; may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a reprimand, and any or all of the foregoing, if it finds that the licensee, registrant, permittee, or applicant:(h) Has shared a commission with, or paid a fee or other compensation to, a person not properly licensed as a broker, broker associate, or sales associate under the laws of this state, for the referral of real estate business, clients, prospects, or customers, or for any one or more of the services set forth in s. 475.01(1)(a).

The product you're talking about MIke would most likely be an AIO or all in one loan.

@Jayson Greenblatt  on SFH usually tenants are paying most or all utilities. on APT water sewer, & trash is usually included in the rent.

Relying solely on a few months reserves seems very inadequate to me.