Thank you Wayne, maybe I am using the wrong word not easement but the seller said the lot is qualify to subdivide, the lot under both the zoning and subdivision ordinances, BUT HOW LONG WOULD THIS TAKE AND HOW HARD IS THIS ACTION GOING BE AND COST? 

You still may be held liable anyway if you knowingly allow them to keep a dog with a bite history.If the tenant has a guest over doing keg stands and the bust their head open or the guest trips on a skate board, slips on a banana peel, or whatever - do you want the guest to sue you or the tenant?

Mine was honorable and I've used it twice.You'll still need to qualify for the loan. 

You guys might be a little quick on the trigger here;  in many, if not most, jurisdictions an owner can pull permits/function as a GC Only on an owner occupied property, not as an investor/flipper, and usually requires the owner to retain the home for at least a year before selling/renting, to qualify for that exemption.While the OP may indeed need a new accountant, he doesn't even know what kind of license the accountant was referring to, apparently he didn't even ask.

You also should speak to a qualified realtor in SSF who knows your neighborhood to give you a realistic value of your property once you've done the reno. 

If you are not truley on board to being in this business you wil be truely dishartened when you see what people can and will do to your once beuatiful home. 

If you qualify, you could use a Delaware Statutory Trust (DST) for the difference (the $125k you were talking about) left over after buying the property you’re lookin at.

Anecdotally, seems like 20-30% across the board is pretty common past 6-9 months. 

It is currently vacant and uninhabitable so it wont qualify for HELOC.

I would recommend that any lender you speak with on investment property lending to ask some specific questions: When do you start using rental income to help me qualify?