Just thought it was interesting that they originally were opposed to financing (understable) but now all of a sudden they arent.

—The term ‘covered dwelling’ means a dwelling that isoccupied by a tenant—“(A)pursuant to a residential lease; or“(B)without a lease or with a lease terminable at will under State law.“(2) DWELLING.

I truly cannot understate how integral this site has been to my early success!

In either case, since the husband and wife are joint owners of the LLC, tax information related to the LLC can be discussed with either spouse.Where spouses are the only owners of an unincorporated business entity and hold their interests as community property under state law, they may choose between partnership or DE status. 

Highlights (lowlights) of these changes Include: Applies all TPO provisions to new construction (removes existing exemption including ADU's) Prohibits conversion of parking to ADU's (Illegal for the City to regulate under State Law, see attached legal opinion letters from CA for Homeownership and Bridge Realtors) Creates numerous new causes of action for tenants to initiate civil lawsuits Allows tenants to add roommates unilaterally even if prohibited in a lease.

Likely overstated income and understated expenses.

Generally they have the ability to manage and bind the GP under state law, regardless of whether they exercise that ability.Again, entity structuring at the outset becomes paramount here. 

The importance of this cannot be understated.

That means that they're free to overstate the current property value, understate the renovation cost and overstate the ARV - all of which are very common.Real estate licensing laws are put in place to protect the public from unscrupulous operators. 

@Doug Roux - my understating is that you can pull up to $100k penalty free (10%) regardless of you put it back.