Do you have any capital expense required on this property?

if so does the city require updating?

Probably due to all the losses they've been experiencing with all the wildfires, floods, etc. of late.We even have a case right now that required the owner to sue their own insurance company, because the insurance company denied their claim on an alleged technicality.

These typically do not require any personal credit checks and are directly based off the property in question.On top of the $10-15k as a down payment, do you have any capital to invest into the property? 

However, there are specific rules and requirements that must be followed to qualify for this tax deferral.In the situation you've described, your client wants to use a 1031 exchange to buy his mother's land.

If he was doing minimal renovating in this scenario (obviously no electrical wiring etc) is he required a contractors license?

Many shy away from them because they do not want to deal with the extensive paper trail required to maintain separate tax filings for the business.

While the general principles regarding LLC ownership, asset protection, and taxation may apply universally, specific legal requirements, regulations, and tax implications can differ from state to state.Good luck!

To remove the snake and fix the plumbing required demo of both the units bathrooms and removal of the concrete flooring (slab).Curious under what circumstances led to the broken drain snake???!

Furthermore, is there a seasoning period required for this if it is a home I intend on occupying?