I am a newbie to Short Term Rental Investing and I had a typical newbie question because I have recently moved to Phoenix AZ within the last 12 months and am in the process of acquiring multiple short term rentals in ...

However, I'd exhaust all financing options before you're left putting buckets in the top floor of the property to catch the rain water coming in :) I get it but one must deal with reality and NO HML makes a loan on a owner occ its against the law for them since most are not licensed for owner occ loans.. there are the rare exceptions there are lenders in SOCAL> that are HML that have the proper license and underwriting. 

Given you are trying to add insulation after the roof has been redone adds a level of difficulty and if not installed properly can actually lead to other issues. 

You would likely be in breach of contract with the owner if you tried to pull a fast one without proper permission.Then there is the whole issue of if this is permitted with the city, county and HOA.

But I live in an area where really the only viable markets are new construction, inherited land, house hacking, Section 8 (especially in Baltimore proper), and getting in in a gentrifying area at exactly the right time, which I'm not so sure I'm good at (see above about the house flip started in 2007 looooool).

No sub-leasing and no pets are pretty standard but the rule of “Guests of tenants are not permitted to sleep or reside in common areas.” becomes much more specific but also necessary for the proper order of the home.

I would research rental rates to make sure you are at the proper rent when you rent out the house.

I'm anticipating 6k in repairs.My first thought was to do a traditional cash out refi, but I want to avoid the seasoning period and the headache of finding a bank willing to do a cash out refi on an investment property, particularly at such a low value.I'm considering an intrafamily loan of 65k thats properly attached to the deed.

We know several wholesalers in Michigan that have the real estate brokers license, so they are not violating the law.Regarding selling contracts, believe Michigan has closed that loophole.Of course, also know many wholesalers that are not properly licensed, that haven't been caught yet.

@Alexandra Moore is the building in grand rapids proper or a surrounding city?