(go look at business credit)Next, some costs...really insurance...is very expensive on the commercial side (well, for STRs specifically, insurance is very pricey).  

Investing in well built properties that are able to generate positive cash flow with current rental rates2.

It might as well be a 12-month lease, in the eyes of the city.

The idea that the very thing I enjoyed most could potentially make me financially free one day seemed to breathe life back into a confused, lost 16-year-old.For over a year, I continued to watch, listen, and read about real estate investing, as well as study to take my Michigan Real Estate License exam.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

They can provide firsthand advice and potential solutions.SummaryLegal and Financial Consultation: Get professional advice from a real estate attorney and financial advisor.Negotiation with the City and Lender: Try to negotiate terms that provide relief or feasible solutions for compliance and loan terms.Exploring Financial Options: Consider new financing, partnerships, and investment opportunities to raise the necessary capital.Community and Industry Support: Leverage the experience and advice of others in the real estate community.Each step should be carefully considered, and professional advice tailored to your friend’s specific situation is crucial.

Getting in early (like before February 15th for personals  and in January for business returns) seems to be the secret the best I can tell.You get an automatic 4 month extension - but if you did not pay all the taxes owed (within 10% of what you owed by the filing deadline) you  will incur a penalty for that… and if they aren’t filed by the extension date that would be another one as well. 

Study your market and your competition and try to do as well or even better.I hope this helps and wish you the best in this exciting adventure.

I acquired my first investment property a few months ago and renovated the units as well as rented them out and its cash flowing well. 

Think Chase, Wells, US Bank, Key, and Everbank - plus any regional players in your market active in the multifamily space.If you're looking for a value-add rehab / bridge loan - try both bank/cu's and private capital / hard money lenders.