When the taxpayers demolished their existing principal residence, built a new home on the land, and sold it before ever occupying it, the Tax Court ruled the gain resulting from the sale of the never-occupied home did not qualify for exclusion under IRC Sec. 121 (Court case: Gates).Not sure if Gates applies here, because nothing would be added to the formerly residential land, only removed from it.

@Ellie Narie have you asked the tenants to apply for rent payment funding? 

@Ashish Acharya   OK thanks - so I'm assuming this would also apply if there were no home on the land to occupy? 

The tenant screening process should be consistently applied to all potential tenants and is analogous to the underwriting that all investors have gone through when seeking a loan.

I'm afraid to apply for the pre-approval because I already had a credit inquiry last month and don't have much capital.

IRS section 121 excludes any tax on the gain when selling your primary residence….but once you rent it out for 3 years, it no longer applies. 

Better is shake looking vinyl applied in sections with many nail points.

Our safety net was our investments which we did not want to dip into.I ended up having to apply to multiple institutions for lending and although it’s been tricky, five months later, we were finally able to access capital.  

A lot of accounting can wait to be done in big push spurts as she has time, but the paperwork we have to turn in while we apply for loans is much more time-sensitive.

I get their email and send them to the link of where they can apply.