I would imagine many contractors and investors are always looking for folks who have extra motivation.  

It seems if you just did IO for extra cash flow, after the balloon payment all that cash flow would just go towards refinancing the property at 75% LTV. 

You'll need real permits and the whole bit. 

Some jurisdictions require more/different permitting if you're altering the stairs.

Lots of questions about land, permits, sewage, and the basics. 

The extra stuff helps but price is what pulls them to your rental.

It all inspects good but there were never permits pulled.

2) If I allow the friend to stay (conditional upon successful background check), could this affect the occupancy permit?

She called me because the picture window in her living room spontaneously exploded and the owner (also the failed flipper) blamed her, well come to find out this genius cut a big hole in a load bearing exterior wall for this window but had neglected to put a header in so when a big heavy snow came, the pressure was too much for the window and it followed the path of least resistance. this happened 2 consecutive winters. a home inspector would not have caught that because it is hidden behind sheetrock but if the work had been permitted, it never would fly. my point is that an inspector can only inspect what they can see and that many flippers either have no clue what they are doing, are trying to cut corners, or don't care. there ARE some good and responsible flippers but when I know a house has been flipped, I am always suspicious.

So I want to figure out how to make an extra couple hundred bucks a week in something real estate related so I can get exposure and some new experience while not having to jump in the deep end, and can do something part-time.