A 2 +1 is a legal 2-family with a boarder unit that can be lived in by the owner, usually without a stove and you want to make sure the bathroom is permitted.I hope that helps.

Real estate wealth is built through long term price appreciation, property becomes (usually) more valuable over time, especially if purchased in areas that have either gone through development or redevelopment.  

The credit committee is usually made up of local people who are familiar with the market they are in.

But most of these programs are the usual circle jerk.  

Take a look again at your FF and AirBnB listings to see if there is any room to shake up the description to show off that you understand the needs and wants of travelers. 

Short term it is difficult to make the numbers work, the cost of new construction and the time it takes to zone-plan-build are usually the main reasons why private investors stay clear.

Thats a great way to profit of $177K in a year but she did know the contractors and the has an eye for those type of quick turn arounds.You will see multifamily 2-4 units a ton of duplex 2 units for under $250K again these are usually not turnkey fully renovated properties but they will pass an appraisal without being subject to any major repairs.

@Ricardo Lemus Most investors try to get the longest term on their mortgage that is possible, usually 30 years for most.

Heloc rates will be WSJ Prime + a spread, with the spread being 1-2 points usually.

I'll usually eat $100 - $200 worth of touch-up cleaning for a long-term tenant.