In some cases, federal tax credits like those for low-income housing or economic development might also apply if the project aligns with certain goals.Instead of buying the land outright, developers often lease it from the tribe, which can reduce upfront costs and sometimes come with favorable lease terms.

We love Duluth and the north shore and hope to "retire" there in the next handful of years.       

Different lenders can view income in various ways depending on who you speak with.

Do the in-laws have any income currently?

Lender does not look at your income, just your FICO and they want to see rental income.

Rent: Stabilizing the Property for Cash FlowOnce the property is rehabbed, the next step is to find tenants and begin generating rental income.

So is this just as simple as showing how much the property makes or do they also look at personal debt to income, credit score, reserves etc as well.

I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

I would not offer furnished rentals in lower income areas. 

Since fix-and-flip income is classified as active income, taxed at ordinary rates, this setup helps minimize overall tax liability.To protect both members, draft a detailed operating agreement outlining roles, ownership percentages, profit-sharing, and an exit strategy in case the business dissolves.