Stephen Masek I invest without leverage as well but leverage is permitted in a SDIRA and can have a positive impact on return. as well as provide an opportunity to expand the number of properties controlled.

A permit is just a tax.

That's not being a bandit - the use of the term bandit refers to it being against the ordinances to put up non-permitted signs.

For example, things that set me off immediately when talking to a new potential customer -"Can we not pull permits?

They don't go in the attic to check the insulation...then are surprised when it is sawdust...they don't climb on the roof and are shocked when it has multiple layers or needs replacing...they don't make a trip to check if work is permitted or not and are shock shocked when it is not...I like to think they are trying to get potential buyers to be aware of all the pitfalls out there when rehabbing and showing you some basic things that can be wrong...That said I am so glad when folks rehab the older historic homes here...99% do it to live in ...there is no way to make money flipping here with prices as they are

As a landlord I don't permit subleasing my investment properties.

Find out what other uses are permitted in that zoning .

You see, I finished the basement without any permits, and for some reason I though it was a good idea to hire a contractor to pull a permit just for the gas line so it could get inspected.

And then if your income and cash reserves permit, buy another one with conventional financing in a year or two.

Depending on your architect and the complexity of the project this can take anywhere from two weeks to a month with the permits taking a week to two weeks.