@Bob SislowAre there development fees to build on the property?

Have enough for 20% downpayment + fees+ and some more-Because of DTI, we cannot borrow money (no hard money or private money) for the new house unless we have tenants sign the contract with our current home.Does anyone have any suggestions?  

Failure to provide notice may result in additional fees or consequences."  

Example: For a $1K per month rental I could collect only $1K to $2k in refundable cash deposit.

Just spoke to a property owner we met here on BP.Very nice person who's been DIY managing their double-digit doors after being burned by bad PMCs in the past.Wanted weekly in-depth updates, all rents deposited in their bank account - and then they would pay the PMC their fee, and expected the PMC to use their PM software.Pretty much looking for a go'fer person, NOT a PMC.We wished them good luck.

The city can easily find out and they can go back and retro the fines (usually $500+ per day).You need correct egress size windows, 1 outlet within every 6/12 feet on every wall and after a  corner, and the framing inspected.

Try looking at it a slightly different way with some quick math:$900,000 sales price$22,500 cost of purchase (appraisal, points, lender fees, title fees, etc - 2.5%)$90,000 cost of sale (10% commissions, closing costs, buyer credits)$64,000 carrying costs (6 months at 10%)$25,000 additional carrying costs (6 months taxes, utilities, HOA, misc)$100,000 rehab cost (the number used above)$68,500 profit = $530,000 max allowable offer.Some numbers may be a bit high, others may be a bit low. 

A few important clarifications, it is usually ILLEGAL for a private person to charge points and lending fees, especially if your state has usuary laws.

They want to save $$$ on closing costs and fees.

HOA now will be allowing max 3 rentals per year, which they say avoids the potential "grandfathering" issue.