Yes, it is typically normal unless there is an agreement with the accountant where you will pay him to go through all your receipts, sum up the amounts and categorize them.It is confusing from your post because it seems like originally you mentioned not having your income and expenses properly categorized but in the end you mentioned providing it to him.

(So there’s plenty left if you have to sell and pay off the loan while providing plenty of funds if the rehab goes over budget.Then you just figure out how much you want to make if anything.

Key was getting them to the table and providing us a list of todos. 

Hi Doug, Thank you for taking the time to thoroughly provide information, and the website 'Mortgage News Daily' is very helpful.

Most of the time, one lender can not provide ALL the good stuff.So yeah, this is helpful, was hunting for good lenders and brokers

Real estate agents are usually not also licensed contractors who can provide that information, so unless yours is, he should not be stating everything is in good working condition unless he can provide you with a professional report supporting that.

Hey Christopher,I provide EMD and Double closing funds for Wholesalers.

I know there’s a guy named John Fedro who had (has-don’t know) a course for how to provide owner financing and I believe had a way to do it legally.

There shouldn't be double taxation because rental real estate normally operates at a tax loss.The potential time that there will be a tax consideration is when you sell the property.However, your resident state(MN) will provide you a credit for taxes you pay to a different state.This will avoid double state taxation.In general, California state taxes are higher than Minnesota state taxes, therefore, you will be paying the higher of the two state tax rates, which is California.

Bank Statements: Reviewing bank statements can provide additional evidence of consistent income and display how much cash they have in reserve.