Stay away!

As we all know inspectors can be your worst enemy, they don't have to be your friend but you want to stay off their immediate radar..Code upgrades are usually only required if you pull permits.. to do upgrades,, but if for instance they do a yearly inspection and find you need GFI outlets in bath and kitchen you'll need to comply and get it taken care of.. along with what else they pick out that needs replacing or repair, once the door is opened up they have the right to write fix it orders until it's in good enough shape to comply with living standards.1. parking for your tenants.. forcing to register cars..

The current tenant we have in this situation has let me know that she wants to stay another 5 or 6 months.  

@Antoine MartelI'm mainly staying in the $140K-$160K range.  

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However be aware these types of people usually file motions and to continue to exploit legal loop holes, in order to stay in the property longer, so take no prisoners. 

I stayed in mine for two years then put a tenant in it and sold it turnkey for a very nice mid 5 figure profit.  

BTW, servicers have always been required to verify loan conditions including ownership, but the above link to the Servicing Guide Bulletin was just published on August 16, 2017 (two weeks ago) so don't bellyache if your loan is called;) 

You have more of what you need to do real estate now than 99% of folks that start.My best advice is to stay in construction (you have an established track record) and use those contacts to rehab properties using a BRRRR strategy.

Stay as close to the subject as you can (within 1/2 to 1 mile) and try to find properties that are similar as possible.