The filings cost more and the process is a little slower than 35 days, but much faster than 6 months and far more consistent.

On 5+ units, 75% max is possible as well. 

Here in my market, the current in place rents are well below market ($300-500) in some cases. 

There is no cancellation of mtg filed, no sat filed, so how do you proceed with something like this?

Simply own and live in the home for 24 months of the past 5 years from the date of sale, and receive a tax benefit of up to 250k of excludable capital gains from tax or 500k if married and filing jointly. 

I know in Washington state a home owner can do their own work including electrical and plumbing, but as you pointed out has to live in the property for 1 year after completion.If you get licensed as a contractor (in WA state it takes some paperwork, filing fee and insurance/ bond, no test, no experience etc.. )  Then you do the work under you contractors license and no holding period needed. 

That worked well for my client's specific circumstances but certainly would not work for everyone.

You want to trust people of course, but it only takes one bad one to cause cleaning headaches as well as unhappy neighbors.  

@Robert WilliamIf he doesn’t want to lose his home he needs to file bankruptcyIf he wants the most money he then he should just sell it.These are two very different things

It was then that I learned central air without returns doesn't work nearly as well as with returns, so I added returns in a subsequent renovation.I don't think you should avoid these properties.