In California the property tax is based upon the purchase price, so lowering the PP will permanently decrease you annual expenses (thus will increase your cash flow permanently).

These companies need to make a profit too, and so there's just not going to be enough fat left on the bone.

I called the city and they recommended to get the conversion inspected and make necessary changes/repairs to bring it up to code where needed to make the conversion permanent.

I do think I have seen it also done with hard money to buy and rehab then refi into a more permanent loan. 

@Brandon Malone the strategy here is based on your end use - so if you are "buying and holding" then you should look for a permanent type of loan. 

There's a lot of area not covered.Is there a way to do this, or were these sub-forums created at the beginning of this site and therefore are set this way going forward permanently?

I use 10% vacancy initially to see if the deal will be fat or thin, then move towards a 5% vacancy calculation since I believe that is more likely than a 10% vacancy rate. 

There are non-bank permanent lenders who would consider this. 

This will assist for 6 months to a year but is not a permanent fix for the root cause of the odor.  

She stated that she screwed up, and is terribly sorry, and not sure how this happened or how it was not caught by anyone....but that the loan product (Freddie Mac home possible) that they are using...went through everyone, passed underwriting, and then was selected for quality control and was noted that one of the home possible policies stipulates that: Ownership of other residential property The Borrower must not have an ownership interest in any other residential property as of the Note Date, or the Effective Date of Permanent Financing for Construction Conversion and Renovation Mortgages, except as stated below.