But will the rents be legal?

This conversion was done without proper permitting and approvals from the city and obviously the additional bedrooms are not showing in the county records.

In addition, if you chat with an attorney, you can start to get yourself familiar with the rental laws now, before you come upon a situation where you need to know where you legally stand and what your rights are as a landlord.

Eventually, I will be utilizing the BRRRR method when financing permits.

I am no expert but from my research...not legally. 

Just curious about how this works since you have to be licensed in order to legally receive a commission right?

Hello everyone,My husband and I just bought our first rental house in Beloit Wisconsin, and are in the process of finalizing our Tenant Application.I was wondering how to go about disqualifying applicants in a respectful, legal way (i.e one of our requirements is to have no evictions filed upon the prospective tenant).Any advice would be greatly appreciated!  

Don't skimp on legal fees because a commercial lease is a very different animal from residential leases.Good luck!

Most banks will require between 20-25% of total costs of the construction project (including land, building costs, permit costs, soft costs, etc). 

You can do an Improvement 1031 Exchange where we as the Qualified Intermediary would acquire and hold legal title to the replacement property and then use the balance of the $10K to make the improvements.