Kansas and Missouri require a qualified, independent inspector and the report to be attached if I choose to terminate the contract.

As we own several investment properties already and are small business owners, we are having a difficult time getting this one financed independently. 

Hi Matt,I have done some independent consulting to Zillow as an investor.I also made a lot of $ shorting Z when it got to $135 the other week.I own  multi families in Ballard, Fremont, Capitol Hill.

If audited, you don't want your receipt book showing that you collected more rent than you actually reported.

If I remember correctly, the loan requirements are that you INTEND to live there at least a year but I don't think there's any follow up or audits to make sure you're actually living there.

Further, I strongly recommend anyone seek independent legal advice on any specific transaction contemplated after January 10, 2014 prior to any consummation II.

You either need to hire a law firm that specializes in finance regulatory law, or a consultancy like ours to help you through the process or both.First, someone needs to do an audit on the loans themselves to make sure they have sufficient value and then to decide what needs to be done to make them legal and enforceable.Second, if it is worth it to you, you need to form a captive finance company.

And then that bank got audited about 2 years later and had to stop ALL investment property loans. 

Certified 203k Contractors have been formally educated and tested on the 203k and properly vetted through verification of license, insurance, references and financial stability -- all done through an independent third party.

Electing S-corps status is just asking to get audited by the IRS if you don't know exactly what you're doing.