In California there are a whole host of disclosures and waiting periods you also have to comply with.

To comply with the law, don't you have to take the first applicant who meets your minimum qualifications (in the order of the time they applied), regardless of whether the second applicant, who applied later, is more qualified?

A general note on recording residential purchases and sales contracts is that they should comply with your state's statute of frauds requirements.

Several on BP have suggested worthy recipients, and I've gladly complied.

As Kyle also mentioned this above, I or the seller can certainly serve that, what if they refuse to comply?

The HOA is pretty lax, as I've had issues getting them to enforce anything even though my attorney told me I had legal standing in my dispute, however; maybe the better business decision is to comply with the regulations (they don't ask for a copy of the lease form what I recall they just ask that the lease not be less than 6 months and that they get a copy of the rules, etc.) until I can fatten this house up enough to 10-31 exchange into an apartment complex in 2-3 years?  

I found that the course had nothing to do with actual lending only the 20-30 federal laws needed to comply as a mlo.

Make sure to comply with dodd-frank selling on contract.

Now, as to the deal, your property will be a non-owner occupied and you are providing seller financing in the eyes of the law, regardless of which contract you use, you are wraping the underlying obligation, so you will need to comply with the SAFE Act and have your "contract/note" originated by an approved broker.

i am hoping to manage it myself, and therefore the logic is by investing in a nicer area, i will get better quality and complying tenants, and less headache to carry and manage the property.