Josh - thanks - best  1st step  -get pre approved ( assuming you need  financing )  so you are  familiar with the numbers and also to make sure you can  qualify 

The guidelines also state "if the mortgagor has filed a bankruptcy petition under Chapter 7, the mortgagee must obtain Bankruptcy Court approval.

If you are going to add a kitchen, also make sure the HOA agreement doesn't require them to approve the changes.

You get the benefit of no turnover but you're paying for it by losing a ton of money.Here's what I use:LEASE RENEWAL: With Landlord approval, Tenant has the option to renew for an additional 12-month period with an automatic rent increase of 3% or to extend on a month-to-month basis with a 25% increase to the monthly rent.

Since the prices of homes are so high in California, purchase a home you can afford with your pre-approval letter with the most bedrooms you can find, then you live in the master and rent the other rooms out to college students, young professionals, single people, etc.This will help you break even for your mortgage payment/could potentially make money each month.

I am financeable (pre-approved for a loan, although not a $2.5M loan). 

Best way is absolutely to get pre-approved or speak with a lender about current market rates for your asset class.

Permits are a couple hundred dollars and once they are approved the city inspector comes out THE DAY AFTER you put in for the request for inspection.

There is a loan contingency in the contract if the loan does not go through, though its currently conditionally approved. 

How can I put myself in a better position to get approved for a cash-out refinance?