I intend to update it to rent standards (all cosmetic repairs I intend to do myself-wish me luck) and live in one bedroom while renting out the other two.

I don't think their are any standard penalties for such a violation.

This let’s you take advantage of standard residential loans (which is what I do).Also, what is your cost to creating and maintaining a LLC?

I might guess the numbers would be similar to the number of Personal Property Appraisers that exist today who are by the way, governed in many cases by the same "rule book" of professional standards as Real Property Appraisers are, called the Uniform Standards of the Professional Appraisal Practice or USPAP for short.

I must keep my buildings up to the high standards I set for them, forget about government standards.

At least not the normal you are talking about as defined by 2019 standards (pre virus).

Prepare new underwriting standards and pull the trigger when you find a deal.

To address some of your other points:- Based on my talks with other investors around here, 1% "rule" is pretty standard unless I want to get into a war zone.- This is in a solid B neighborhood.- The property has been rehabbed recently.

After that an email sent using a service like constant contact is the standard way wholesalers send out information about their deals.

Then you'd want to account for that in your models.I certainly wouldn't expect car wash bays and a pet bathing center on your property, but as you go down the list of amenities there might be some that are considered standard for your area.