@Wyatt Szelest so RENTING the property will help with the "debt-to-income" ratio but that's more of a Fannie Mae/Freddie Mac type of thing (if you recognize those names). 

And just in case why there is a difference generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

I recognize I need to develop some investment criteria which I'm working on.

It is gambling.

@Garrett RyanWhen you are networking with local investors; recognize what they need help with.

From a GAAP perspective you should be booking gross potential rent, with a discount to actuals, less vacancy.In practice it doesn't matter too much, other than you recognize you aren't collecting the rent for a period of time.So, if the rehab and lease-up is going to take 2 months, for those months, you book 2100 (700x3, or whatever in place rents are) of rent.  

And will I have to go through probate to have me recognized as the owner.

Originally posted by @Harry Gamble:@Jay Hinrichs I’ve had good luck with sloping away from the house on issues similar to this, along with good gutters and extended downspouts.

Add the costs of the rehab, the hassle/risk of placing new tenants (PMs typically charge 0.5 to 1 month rent for placing a tenant and that does not include a dollar value for the risk associated with a new tenant), and the potentially bad karma.We often let our best tenants rent fall below market because we recognize the expense/risk of placing a new tenant. 

I recognize this isn't exactly like kind but wondering if this has been done or if there is a multistep process involving several transactions over a period of time where you can shift from multifamily to single family or vice versa?