Specifically, in my county, it's very common for agents to use the FMLS and not the GAMLS.This property was listed on the GAMLS and not the FMLS.

I'm bumping this thread since I have the same questions because it's pretty common for people to enclose garages and/or sunrooms in my area and turn them into bedrooms.I think I understand the issues - might not pass inspection if not up to code, liability issues if inspector missed something, code enforcement issues if not propertly permitted...

Sincet hey own it, they have the abiliity to turn on utilities and if they don't, they are obviously hiding something.You have two options, pass or figure absolute worst case on your rehab budget and make offer accordingly.Is this common in a wholesale deal?

Generally though if you are flipping this is business income subject to self employment and it doesn't matter how long you hold it.The self-directed 401K is another issue all together.

We look at tenant history, criminal history and employment... then contact employers and references.

We all know this, it's common sense.So the question is: why do they do it?

I think this is a common practice for every investor.

My current 401k is with an employer and am just doing some preliminary research.

it's common to charge a storage fee, or transaction fee on top of whatever commission is earned.

You need to know your market, occupancy and competitive rent rates, renter expectations, your goals, risk tolerance, temperament, and your resources.You need to know your local tax rates, state/local landlord rules, housing authorities, insurance sources, financing options, occupancy and employment trends.There are crazy tenants but effective management can minimize the risks.Good luck.