We plan on taking about 3 months to renovate then I would like to get a mortgage on the property.

We used a mortgage broker to get a reasonable deal on rates, then did the rehab with locals, managed by us. from home and on site. close to breaking even on a month to month basis even with Covid cancellations and such.

This is very enticing after seeing what we would roughly owe on the monthly mortgage even if we are conservative and say we will only make $1,000 a month income from the MIL suite (I think we could easily get $1,500).

No doubt if the borrower is not paying the HOA they will not paying the first mortgage and in this market of severely underwater homes that is their bond to break.

Adding your first property to an existing LLC is simpler than forming a new LLC and transferring ownership later.

My mortgage is $2200.

This is the creative solution to still having your own private space without spending $$$ on a plex or existing ADU.4: By the Room: We call this boarding style.

That is after mortgage, amortized insurance, property tax and so forth.ConclusionI am very happy.

I have researched it, and it seems that you need a mortgage originator license from the state, and to be registered with NMLS to offer these types of loans. 

They are very worried about the subject to clause and I thought I remember the podcast mentioning insurance policies for this in case the mortgage company calls the loan due.