If not on a state road, a muncipal permit is also usually required. 

Aims for a balance between cash flow and potential appreciation. 

Conventional loans will require 12 months seasoning for cash out and are usually capped at 75% LTV 2.

Gas heat would require constant tank refilling and it would be very bad to run out in the winter.

@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.

In this study, new construction is defined as a habitable structure requiring load-bearing features and MEP utilities (mechanical, electrical & plumbing)Below shows which cities have had the most activity:Question: Do you see activity increasing for the rest of Q1?

It's a more involved discussion that requires one on one communication and no, joining a "community" does not prepare you.

Will the title company put this property under our LLC name, and won’t be required to legally inform HUD/tax authorities. - will it influence property taxes once we move to conventional loan in 3 yrs? 

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

Zero help getting that balance back.