Hello, I just closed on a cabin in Running Springs Ca, and currently I am in the permitting process.

Typically it does, especially if it is permitted.

With further research and consulting with other registered agent services, I now have a more comprehensive understanding of what's permitted in Florida.

Now onto the 2 projects:Project 1: Received a construction permit before the law passed so is 7 floors high, the unit I am interested in is on the 6th floor and has an amazing view on the mountains.

No bank or title company will permit a mortgage to be recorded unless they are assured that their borrower has clean title and a previously recorded deed to the house.

Common "pitfalls" would be incorrect rehab estimate, contractors flaking out and not finishing or doing shoddy work, permit issues, finding hidden issues like foundation cracks, termites, mold, being too optimistic on comps, ignoring closing and holding costs, your own mental fatigue.

Lots of un-permitted work is done in my region and it doesn't stop people from getting loans.

The state and county (and, if applicable, the city) do require that you obtain a permit (it costs $15 and takes five minutes) and remit occupancy/hotel taxes.  

The one important thing to consider will be the building code and permit requirements, which may require a professionally accredited architect or engineer.

Waiting for a payout after you've done all this design/permitting/etc. work upfront is dangerous without some skin in the game.