Just finishing the SRT fire inspection requirement's this week. 

CA maybe as high with their EIR requirements that cost 250k to 500k just for the EIR reports.

I loved not having to deal with lenders and all their requirements.

Are we required to pay FICA tax on the deferred income? 

A&D has a 2nd position DSCR but not revolving - installment only.AO has a HELOC but self-employment documented for 2 years is required. 

The underwriting process is certainly more arduous than most acquisitions but through my personal experiences some of the lenders are far more knowledgeable about the requirements and make for a far easier process for both seller and buyer.

Department of Housing and Urban Development (HUD) and Bankrate, the big perks of an FHA home loan are:Lower Down Payments: They typically require a smaller down payment than conventional loans, sometimes as low as 3.5% of the home’s purchase price.Lower Credit Score Requirements: They’re designed to help buyers with credit scores that might not qualify for conventional financing.

Or is he requiring a down payment?  

That's wonderful.Your state requires 72 hours of Real Estate education. 

The answer will form around what work you are doing that requires permits.