Otherwise you are looking at mid to high 7s at par If this is an investment property, you can achieve a rate in the high 6s on a DSCR based loan with a low LTV, high fico, high prepayment penalty period. 

He is US based with US assets, but he does have a foreign passport.

Hi Thea, I'm based in the Seattle area but own 9 doors across the Midwest (Memphis and Detroit).

The Section 121 Exclusion helps you avoid capital gains taxes.The IRS classification of income as a "Flip" for Real Estate Dealers is based on a few key factors including "frequency" and "intent". 

The only thing worse than the service and promises of Realty Doctors, is that ineffective and non-responsive Realty Medics which they call a property management company.

However, when you sell the individual condo units, capital gains tax will be triggered on the gains attributable to those sales.Allocation of Basis: The original purchase price and any improvements made should be allocated among the individual condo units to determine the basis for each unit.Gains Calculation: When selling a unit, the gain is calculated based on the difference between the allocated basis and the sale price of that unit.Partial 1031 Exchange: You may be able to use another 1031 exchange to defer gains on the sale of individual units if you reinvest the proceeds into other like-kind properties.

Also - service animals are allowed always and exempt from no pet policies.

I do not provide substantial services. 

A month later I tried to turn the gas on and put the service in my name.

He's based in FL but they lend nationally.