The issue is typically when there are multiple leases and it looks like rent by the room.

@John Fider - Did you ever receive anything in response to this?

Accounting firms typically have nothing to do with this process unless somehow the title company subcontracted the preparation of the 8288 to them (which really isn’t necessary as it doesn’t require tax expertise, only familiarity with the FIRPTA procedures in general, which any title co who’s worked with a sale by a foreign person would likely know).This is indeed a weird situation and it definitely is unsupported by any authority in the code and regulations to send the withholding tax amount to an accounting firm acting as a middle man for the IRS unless they somehow expressly made an agreement to do so.Good luck with that

Montgomery has a great rental market. 1)The last numbers I saw showed 47% of homes here are rentals. 2)That is due to a strong federal job market with federal courthouses, Maxwell and Gunter air force bases. 3)Lots of state jobs, about 10 colleges and universities, tourism, 3 major hospitals, 4)a Hyundai manufacturing plant, and Amazon is building a distribution warehouse.5) Low property taxes.6) Population growth.7) Landlord friendly state.8) We can typically hit the 1% rule on rent to price ratioFrom Wikipedia, Alabama has the second lowest property taxes behind Hawaii.2.

Before we purchase the property, I'd like to understand: when we pull permits for the rennovation, would we be required to demolish the front section to bring it into conformity on the setback line or does that typically get grandfathered in?

Qualifications typically center around whether the monthly rental income can at least break even (1.00 DSCR) with the monthly PITI.We would simply need to know the following information to determine eligibility, interest rate, and loan terms for DSCR financing:o Purchase or Refinanceo Property Addresso Monthly Rental incomeo Annual Taxeso Annual Insuranceo Estimated Credit ScoreThe documentation is relatively light as well, compared to a conventional loan underwritten to your personal income/taxes/debts.▪ Entity documents ▪ 2 months of bank statements ▪ Photo ID ▪ Lease agreement (refinance) ▪ Sales contract (purchase)

I love the seller financing model because if the property is owned free and clear, there are no banks you need to deal with and for the sellers they will receive more than the negotiated purchase price once factoring in the interest payments and they can defer having to pay the capital gains.

For these interest only products, they are generally only interest only for a short period of time, anywhere from 1 to 3 years is pretty typical. 

One, was adamant that it was a bad idea because it would create an equitable interest for the tenant and if they defaulted, we would have to go through a judicial foreclosure, and then evict which could take 12+ monthsThe other lawyer, said it was no big deal and the amount we received was not enough money to establish interest in the property.

They typically do not appreciate that well, you need to worry about the condo association changing the bylaws on you, and a lot prohibit airbnbs.