The good thing about condos is that no permits are required; you only need to ensure that county zoning and HOA allow for it.

The tip about ensuring the agents and loan officers are active on here are both prudent and wise. 

But after an exchange - sign the purchase documents with one pen and pick up another pen to sign the refi docs :)Another strategy you could consider is reinvesting into multiple properties, where you purchase the first property cash (ensures some security and concentrates the equity) and the second property with a mortgage.

The ROI is attractive at 16%, but ensure ARV aligns with recent comps given market trends. 

Ensure the sublease is explicitly permitted in a written agreement with your friend and aligns with local STR laws.

The right structure ensures a smooth, win-win partnership!

For your first guests, go the extra mile—leave a welcome note, provide thoughtful amenities, and ensure the place is spotless.After their stay, send a friendly message like, “Thanks for staying!

You should learn how to analyze property to ensure it's going to pay for itself.A couple suggestions:1.

The seller can pay for it at closing (the title agent will cut the check to the trade to ensure there is no resulting lien) and provide proof of the replacement to the insurance provider.  

He is unlikely to fight back in court when everyone in the house is against him.When he is served notice, ensure everyone is in the home to witness it and present a unified front.