The property was in horrible condition, pet odor, lots of deferred maintenance etc.

Understanding exactly who is the decision maker for property is not as simple as looking through the assessor records.

Hi Shayan,It definitely doesn't hurt to get another quote from a different GC for sanity check.DSCR loans won't work if the property is not rental condition and it won't fund any of your rehab budget.

Not exactly earth-shattering.The bigger question is, why are you setting up an LLC before you even have anything to protect?

You need to be able to be very calm, when your client and realtor are stressed out, your underwriter is conditioning you for BS items, the title company isn't picking up the phone, the insurance company is messing up on basic requests, and your client is not giving you what you are asking for.

Hey @Mike Nelson, never assume anything about STR rules and regs.Here is the STR rules for Oak Park - https://codelibrary.amlegal.com/codes/oakparkil/latest/oakpa...I would call the city and make sure it is legal for a specific property.Now regarding the famous person angle, sure it can add value to the property or as a STR, but for STR use, I would think you would need it to be in original condition with a lot of the furniture and knick-knacks that were owned by the famous person along with a bunch of photos etc featuring the famous person.If you buy a place that has been totally redone but was owned by someone famous but has no features or things that were theirs, then I don't see it being a draw. 

FHA loans follow very strict guidelines when it comes to property condition.

Follow your lease conditions to the T.

I'm still getting up to speed with things, so I can't say quite yet exactly what type of real estate investing I'd like to pursue, but from what I know so far I'm leaning toward long-term single family rentals in the Colorado Springs area.

I would say the condition and age of the property would have a lot of sway in your decision for whether or not it's worth it.