Dealing with challenging individuals can be frustrating, but it’s essential to approach the situation professionally.

Use cash flow to pay personal bills (wife is pregnant and I want a safety net).Mid term: 4-10 residential properties over the next 3-5 years as capital allows.

The jurisdiction of its a safety hazard or blight my require it to be demolished and you do not want to start getting fined for it, so that is something I would consider.

Every county has different requirements, such as minimum square footage for rooms; maximum number of occupants, hallway sizes (If there will be residents in wheelchairs); and safety regulations which are usually different that owner-occupied homes (for example- Interior fire sprinkler systems).  2.

Additionally, the limited rental period may not significantly impact the gain, but it’s essential to confirm whether any prorated exclusion applies or if the IRS rules regarding converting a primary residence into a rental property could affect the tax owed.

They include: zoning requirements, building codes, impact fees, permitting requirements, design standards, public land requirements, and federal Occupational Safety and Health Administration regulations and other labor requirements.

If you refinance it as your primary residence, then yes, you will be signing a new Mortgage at closing that says you intend to occupy for 12 months, essentially resetting your clock to another 12 months.But here's the huge kicker.

Having thick skin is essential in real estate investing.

This documentation will be essential if you decide to pursue legal action.3.

I essentially get 60 payments on the back end of the loan for free.