But the only relevant negative answers that apply is if it is not allowed by law or IRS guidelines.

The next step would be for my dad to quit-deed the house over to myself & in turn, I would pay my siblings their 66% share of that agreed sell price.My plans were to pay the 66% with a conventional cash out refinance that would coincide with the title transfer but my mortgage guy told me the HUD guidelines call for the title to be in my name for 6 months before I'm eligible to refi against the property.That said ( if that is a true HUD requirement) I believe my next best options are to:1.

For mortgaged properties 1-4 the guidelines are six months PITI for the new one and two months for any existing properties.

I know I'm taking a gamble but hopefully it's worthwhile.

Are there guidelines as to what you can and can't do as far as upgrading/remodeling/fixing such a property?

Reason you need to be aware of these guidelines is because it will be conventional loan aspects that takes you out of a residential mortgage.

Every state is different, but i don't see why you'd need to wait very long between deals assuming your DTI, credit score and cash on hand is within guidelines.

If so could it continue often it would produce higher income.Would it be considered Affordable Housing by potential renters income guidelines?

There are guidelines you have to stay within.Did you buy it in personal name ?

With real estate for me the risks are measured, with stock and my lack of comfort with the market I feel like I'm just gambling.