I can never know for sure if the pipes or wiring was replaced (my biggest concern), I don't think an inspector can actually tell as well since you have to tear down the entire house.

can you house hack?

Hi everyone, we have a property under contract but we just got informed that there are alterations done to the house without appropriate permits.

I am looking to purchase my first investment property and I want to do a house flip.

Using basic numbers, assuming I sell a property for $10M and after cost basis is accounted for and mortgage is paid off, I have a net taxable gain to me of $3M.I'd like to purchase a rental lake house property for $1M (funds coming from that $3M taxable gain). 

If I buy a house for 150k, put 20k into it, and it's worth 220k - I've just picked up 50k equity on paper.

I have a current tenant who would like to buy a rental house he's leasing.

The cleaner and more cooperative they are the quicker we can sell or lease the house.

I am the sole owner of our house.

If it's low-income housing, it typically involves higher risk, but if you have good, trustworthy tenants, the hassle of changing locks might not be worthwhile.