I have a legal background and have quite a few practicing lawyer friends - that portion of my "team" so to speak is great.

It has been legal since the 1980's.

You've heard it before, but let me remind you-- if you buy a house that has had a conversion- make SURE it's a legal conversion with permits on record.

How is this legal?

Not much, but thanks to the posts here, I stopped making projections and started figuring out what actually needed to be done to be legal when asking other people for their money.

Obviously, I'm not a lawyer and am not giving any legal advice.

I’m still getting up to speed with real estate taxonomy, so I will need some time to digest the info, but it sounds like the easiest (at least from a legal and tax standpoint) is to start the LLC first, then get the loan.

I am not an attorney; but, as a licensee in the State of Arizona, I can draft legal documents relating to leases, purchase contracts, binding letters of intent, etc.

I am very adimant with the bank and tell them to talk to their legal department before they try to lower my contracted 6% commission.

I believe it as it's so easy, fast.It's legal in all 50 states too.