No it's your friends boomer parents giving the downpayment to your Gen Z/millennial friend to buy that house to their newlywed son with their new daughter in law/wife being emotional and running up the price because it's a "dream" house.

And consulting with a local attorney to ensure compliance with state-specific real estate laws, plus making sure you have the necessary permits, is a smart move.As you start, also look into state-specific rules regarding contractors and renovations, especially if you plan to flip in different states from where you reside.

You will also need to check your local laws for any strict laws that may make running an Airbnb hard.

You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc.

Sewer line backup, ordinance & law, and replacement cost coverage are coverages I include. 

I know a friend who is an attorney, although they don’t specialize in housing law.

For the office, it is advisable to begin with home office deduction if one meets the requirements of the law.

I see you invested a serious amount of sweat equity (and real cash) into turning it into something practically new from the inside out, and it looks like it paid off in a big way.

My rentals are in Denver which has strict late payment laws and I was able to customize the late payment options to automatically apply in the right timeframe to abide by the laws and also not accept partial payments which I very much appreciate.And if you’re curious about Baselane’s 2-day quick pay features or have questions, feel free to ask!

I will sure check all available tools BP provides to learn and practice analyzing deals.