So section 121 defines a dwelling unit as the following - this is in regard to property used in part as a primary residence.

Clearly defined criteria, and accepting the first applicant to meet that criteria is the best way.Completely up to you, but I'd also recommend using a software system to help you advertise and screen applicants. 

In the investment world there are 2 main types of loans for us:  Conventional and Portfolio.Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

What defines Great Terms? 

I would definately recommend getting a home with an additional unit.

@Quentin Brown  I think you need to define if you're flipping or renting, as they're two different business and taxed differently. 

That is entirely possible.And the loan that you can QUALIFY for will determine the best course of action here.Generally speaking, there are 2 main loan types for investors:  "Conventional" and "Portfolio"Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

In my city the rules around smoke detectors are insanely complicated and based on such things as the date of the last "major" renovation (defined by the type of permit that was pulled) and the date of the last sale of the property.

@Andy Mercer you should start by defining your goals and why you want to have investment property.