Jonathan, I am not asking for legal advise, I said advise, without the word legal. 

He will own 1/2 of about 4M in real estate after 2 years and is already under contract on 2 more developable projects.

We had wonderful guarantees and a signed contract.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

.- Maintain proper records, such as contracts, settlement statements, and promissory notes.- Additionally, you can track income and expenses consistently using software or spreadsheets.If you track everything, you could show a loss and use that to offset other earned income (such as a W2) which will net you a bigger refund.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

They all tell me to got to Legal News because all mortgage related things are posted by them.

Now I've got a property under contract:$78K purchase$35K in development of utilities.$24K in soft costs (permits impact fees etc)$200K (or less) buildout of the house (size tbd on after-build-appraisal) Likely going with 2/2 A frame 1000 sf.

Ive taken over loans for mainland lenders who were 20 days into the contract before realizing they could not lend in the Lava Zone the house was located in.