From what i've read online (not financial advice) the bank only requires one of the owners to use the property as their primary to qualify for a primary financing.From what I understand this will also very much depend on the internal guidelines of the particular lender you're talking to. 

U will open the flood gates with a post like that.. what folks do on BP sometimes is try to follow those that seem to know what they are talking about and might be in a segment your interested in then contact them privately.. 

Have the tenant talk to the contractor. 

You also need to talk about your terms.

If people are getting free electricity and water, they tend to be a little less frugal :) .Then check on insurance costs for a MFH and add that to your projections.Finally, talk to your contractors and see what requires permits, what their experience has been in getting them to pass inspections, the timeline and the cost.Factor all of these into the decision to move forward or leave as is - maybe advertise it as a 4/1 with a home office with outside access and get more rent that way.One last point - I hope that the addition you mentioned was done with permits and is reflected on the tax rolls because if not, you may open a can of worms you wish you had not.

Is there a resource whereby I can run a search for, say, the last 6 months or 12 months for all properties that were purchased "off market", not listed by an agent. 

i am planning on talking to real estate lawyer and real estate cpa but wanted to see if there were any thoughts from the forum. thanks!

You can visit my wholesale site via my website listed here on BP.

That's a good question and I think I'll parrot Dion McNeeley when he talks about his online program. 

In talking with people already in the game, many have told us that long term rentals right now are not a great option due to high home prices and higher interest rates; they would be very hard to cashflow aside from a sizeable down payment.What these same people have recommended is fixing and flipping right now, since homes are still selling.