So, while my research did not find any rental restrictions for STRs I did not discover that they couldn't give me a business license (before we bought the house.)After talking with the City Planner about the situation he told me I could go through the same process that a hotel or B&B does (approval process for Certificate of Conditional Use) but it basically comes down to a City Council meeting which is a public hearing.We discussed the fact that there already were people operating STRs in the city (and obviously not paying taxes to the city since they would not have a business license). 

Self-certification alone (by checking a box) without any other knowledge of a person’s financial circumstances or sophistication is not sufficient to form a “substantive” relationship.This relationship must be established prior to showing the potential investor an opportunity.  

Or an elevation certificate can also get it lower.

If lead reduction (safe) certificate, every time you have a vacancy you need to have a certified lead inspector retest and give you a new certificate.

Freddie Mac Form 1115 – Borrower and Borrower Principal Certificate(s) 5.

I did forget to mention that the city does have some rental certification requirements.

You are not trying to draft an agreement, simply communicating to your attorney what you have agreed on.Submit to your attorney, he/she will come up with further points that need discussion/decisionsDiscuss again, record your decisions and resubmit to attorneyRepeat until the attorney has drafted an operating agreement that you both agree on (you can see that extensive discussion between the partners will save you in attorney costs)Open a bank account (free or close to it) using the newly formed LLC certificate and operating agreementNow you have a functioning company. 

If the Certificate of reasonable value is lower than the asking sales price the Veteran would pay the difference as a down payment at closing. 

And has this house been through municipal inspections to get your certificate of occupancy?

The local tenants tend to move faster but rent per sq ft is much less and when you sell cap rate tends to be higher on resale so less equity.Smaller box spaces they can act within 6 months time or less. 3 months time is more mom and pop or regional type tenant concepts from LOI, to lease execution, build out, getting certificate of occupancy, and starting to pay rent.Having ongoing corporate financial reporting and personal financials will be a key to looking at the health of a business way before they have to give notice to renew the option periods.