Ina, there are several lenders servicing the NYC multi family space that pretty loose about income and tax returns as long as the property shows decent rental income. 

That's gone.Who looses?

The local laws are loose, and we could dd 2-3 mobile homes on the lot.

I wouldn't want to loose this lead but also do the right thing.

The term general contractor, is a fairly loose term in scope, so maybe you are talking more about a handyman, at least how I think about it.  

Hi there,In the process of searching for our first rental property and saw a couple prospective properties yesterday.Thoughts on making a currently single family rental into student housing..Current tenants-month to month rent, been there 3-4 yearsHome is in a prominent student housing neighborhood, would increase rent significantly Would you chance loosing a paying tenant to try student housing? 

FHA is tough on a few things like "Chipped paint" any signs of chipped paint will stop financing and need to be addressed (Painted), Loose or missing hand railings, Water damage, Mold, Termites, Outdated electrical or any wiring that is exposed.FHA will also stop you dead in your tracks if the appraisal shows anything that is considered a "hazard or safety issue" and must be fixed.

It does suck loosing a months rent, but if it gets you a better tenant, you'll be much happier. 

You can’t loose!

Our wide-open buy box and fast and loose acquisition model also meant we were not satisfied with buying and flipping standard, traditional properties.