Run that, and the worst-case scenario, and the numbers, by a more seasoned investor with experience and documented success in the asset class.

When the title company, escrow agent or attorney prepares the closing documents, they simply factor in the second mortgage payoff amount into the final distribution of funds to the seller.A second mortgage should have little or no effect on a homeowner's ability to sell her home.

I was only ever told by a neighbor that there was “some kind of underground drainage put in”, however no searching of permits, city documents or anything else proved that.

You'll sign documents at title saying you understand its a federal offense if you lie about the occupancy status.

Hi Bob, my understanding is that renters are buy flood ins toohttps://www.fema.gov/news-release/2018/05/04/yes-r...

You would have ongoing filing requirements with the State and would need to keep business records and documentation.

What documentation should I gather in addition to water bills and a rent ledger?

Great news! 

So I satisfy the “2 out of 5 years” rule that allows the home sales profit from capital gains tax exclusion.I was wondering what documents do I need to submit when filing taxes for 2018.My tax person says that no documents need to be submitted to prove that, and me just claiming It is enough.Looking for second opinion.Thanks,Animesh

It can be either ordinary gain or capital gain ( short term if you sell before a year)depending on how you plan and document your intent.