@Oz Radiano someone posted on here just how strict ma is with lbp...requiring remediation, certification for rentals and assuming liability for any claims on the property, even children who rented and livedthere before you bought.

They are strictly looking at the MLS so just because a FSBO offers 3% or whatever it is on Zillow doesn't mean it's being exposed to the agents.

@Jake Wood if you're going to strictly flip it you would want to put in higher quality finishes/products.

Hello,I have recently started shopping for lenders to have a cash out refinance for a second home in the Catskills.The home was bought roughly 10 years ago for $125k, we did about $60k worth of renovations and its current valuation is at least $250k.A family member with declining mental health owns the mortgage with $89k left to pay off at 5% and we would like to restructure so there are no financial ties left.Due to a spring fed water source, we have limited lender options.I spoke with a recommended local lender who claims due to us renting the home on AirBnB (we have a filed Schedule E for income on this property) it would only qualify for a commercial loan, subjecting us to a higher rate (5 - 5.75%) with variable rates after a set timeframe.Are we stuck with strictly commercial financing on this property? 

Won't do it if Missouri law says not to - and will strictly follow any laws that I need to if I do pursue it.3. 

I am of the firm belief that you can make reasonable money on multi-family in any area so long as you buy right and aren't in a super rough area of a city/town.The Laws in Illinois can definitely be strict towards Landlords, but so long as you have a solid PM who doesn't defer your property's maintenance and is willing to shoot straight with you when problems arise as well as does things by the book, you won't have serious problems in that regard.

@Corey Young I use the commercial loans because of the strict lending requirements a conventional loans have.

There very strict rules for what you can and cannot charge.

People have abused the relatively flexible partnership allocation of the partnership items in order to shift income or loss from one partner to another in order to save taxes.Thus, IRS has a framework that can reallocate the partnership items based on the “ partner's interest in the partnership” if IRS determines the method of sharing the partnership items lacks the “Substantial Economic effect” (SEE)To meet the SEE, there are strict rules to maintain meaningful capital accounts including Deficit Makeup Requirement for those accounts.With the requirement, the partner must at some point contribute sufficient capital to eliminate the deficit, and, that way, the partner has the burden of the loss that partnership has and the allocation of the partnership will be respected by the IRS because there is SEE.This is a very high-level summary of the rules and is not comprehensive. there are many exceptions as well. 

Being a strictly part time agent is a tough way to go.